In this article, we will convey the expectations of the analysts for the five altcoin projects. Analysts Akash Girimath, Lockridge Okoth and Filip L.; He shared his analysis for XRP, FLOKI, SHIB, CRO and BNB. Here are the details…
Retracement expectation for XRP
Starting with XRP, analyst Akash Girimath says the altcoin price is slowly climbing. Due to the changing crypto environment, the bullish momentum for Ripple seems to be waning. This development indicates a potential pullback for the remittance token. The XRP price increased by 13 percent from May 16-19. It is currently facing a resistance level at $0.469. The lack of buying pressure and volatile outlook seen in Bitcoin has caused altcoins to rest.
In addition to this, there are higher tops generated by the XRP price in the last two days. This contrasts with the lower highs of the Relative Strength Index (RSI). This mismatch is called the “bearing bias”. It also often leads to a decrease in the price of the underlying asset. In this case, the bearish divergence indicates that a pullback in XRP price is likely. The likely target is $0.426, which is the initial support on the downside. If the selling pressure continues to build, Ripple is likely to visit the next support at $0.392. So, the analyst points to the possibility of 8-15 percent decline for those who create the current position at $ 0.465.
Downside continues for popular altcoin FLOKI
Another altcoin on the analyst’s list was the popular meme coin FLOKI. According to Girimath, Floki Inu price is hovering above a stable support base that is not bullish. The last two bounces have produced lower highs, signaling a lack of bullish momentum. If this trend continues, the breakout of the immediate foothold could result in a steep correction. Floki Inu price rose 82 percent on May 5 and 6 and formed a local high of $0.0000578. The rally was reversed as traders rushed to take profits and FLOKI dropped to the $0.000320 support level.
The initial bounce boosted the Floki Inu price by 19 percent and eventually turned down as the bears stepped in. The second jump at this level increased FLOKI by 11 percent, demonstrating the lack of buying pressure. If this trend continues and the sellers continue to dominate, the $0.000320 barrier is likely to be breached. However, a decisive daily candlestick close below this level will signal a breakout. A 13 percent drop will trigger a descent to $0.0000276.
10 percent drop probability for SHIB
Analyst Okoth pointed to another popular meme coin, Shiba Inu. Shiba Inu (SHIB) price has been in a downtrend since mid-April after SHIB broke out of a month-long consolidation dominated by the Pepe (PEPE) frenzy. However, due to the lack of real-life use cases, PEPE has run out of gas. Thus, according to Ookoth, he left industry peers like Shiba Inu in charge of the meme coin ecosystem.
The Shiba Inu (SHIB) price seems to be moving on a plan as the bulls wait to buy the SHIB at the discounted price of around $0.0000080. According to the analyst, meme coin bulls expected it to gain enough liquidity to continue the uptrend. The ensuing rally sent SHIB up more than 80 percent, making a rally as high as $0.0000148 reasonable. Shiba Inu price is facing strong selling pressure from the 50, 100 and 200-day Exponential Moving Average (EMA) levels at $0.0000099, $0.0000103 and $0.0000109 respectively.
What’s next for CRO?
Cronos (CRO) price broke the steep decline that started at the beginning of May by crossing the red descending trendline. There was no real rally at that time, and US stocks advanced significantly in the meantime. According to analyst Filip L., this paints a bleak picture for altcoins, as headwinds from the equity market have only a limited impact on the CRO’s price action. The bulls put all their energies into breaking the red descending trendline that determined price action for much of May. Therefore, sideways movement helps the Relative Strength Index (RSI) move away from the oversold zone.
The CRO is currently trading in a very tight consolidation as the bulls are crushing against the current backdrop at $0.062. Once this level is crossed, there are chances of a quick drop from the May low to $0.061. Another possibility points to $0.057. According to the analyst, more upside potential will be seen if the bulls can overcome the upside levels. On the upside, the analyst points to the possibility of $0.068.
Last altcoin on the list: BNB
Finally, the Binance Coin price has produced a clear uptrend, according to Girimath. However, a closer look reveals a bearish pattern. Disruption of this pattern could catalyze a steep correction for the token. Binance Coin has formed four high tops and three different high bottoms since November 27, 2022. Combining these swing points with trend lines reveals the formation of an ascending wedge.
This technical pattern is a bearish setup. The analyst predicts a 25% drop with the break of the lower trendline. The $236 target is achieved by measuring the distance between the initial high and low to the breakout point at $300. But while the outlook for Binance Coin price looks pessimistic, there is a chance for buyers to take control and avoid a bearish fate. A rally is likely, as liquidity on the sell side remains below $300. Finally, the analyst thinks that if BNB exceeds $318 and crosses $356 decisively, it can even break the $454 barrier.