The leading cryptocurrency experienced a rough start to the new day, plummeting to new lows around $95,000. This decline can be attributed to the upcoming Federal Reserve meeting and Bitcoin’s upward resistance. In this context, the market is anxious about the expected price points for XRP, AVAX, ETH, and BNB .
XRP and AVAX Analysis
With falling volumes, buyers have weakened further, leading to losses nearly reaching 4% in altcoins. As Bitcoin $93,996 braces for another test at $93,000, further decreases in price should not be surprising. Within these scenarios, altcoins are expected to face more declines, urging investors to proceed cautiously.
XRP Coin lost its $2.2 support level. Despite a scheduled CME options listing for this popular altcoin mid-month, the overall negative market sentiment impacts it as well. If the downtrend persists, the next support might be at $2.05, followed by potential bases at $1.98 and $1.9.
In our Friday assessment, when the decline hadn’t yet accelerated, we predicted AVAX would target $19.75. Now, the popular altcoin is nearly at that target. Continued sales might see AVAX creating lower wicks towards $18.5 if BTC falls to $92,000 and below.
Support levels continue down to $16.3.
ETH and BNB Coin
For ETH, we should focus on the ETHBTC chart. With ETH drawing a flat line at the decade-low level of 0.019 BTC, it isn’t promising as similar previous movements led to declines. If altcoins are to surge, the chart shouldn’t precede vertical reversals and should recover the thresholds at 0.024 and 0.037 BTC first, or altcoins will continue suffering.
Compared to other altcoins, BNB Coin is fluctuating within a wider range and is not experiencing excessive losses. However, losing the $590 support while drafting this article is still unfavorable. As the BTC fall supports it, a new decline may be on the horizon, potentially extending to $552 and perhaps probing deeper wicks.
