This week, the crypto market has once again fallen short of achieving an all-encompassing rally, perpetuating the uncertainty that has characterized market dynamics since January. As a result, most altcoins witnessed substantial declines, with some of them reaching yearly lows. However, amidst ongoing trade-war tensions and a dip in U.S. inflation rates, there seems to be a renewed interest in buying altcoins. This shift in market sentiment could pave the way for a robust recovery rally in altcoin prices next week, particularly for notable currencies like Pi Coin, Pepe Meme Coin, and Binance Coin (BNB).
Altcoins Gain Spotlight Amid Bitcoin’s $85K Struggle
Throughout the past week, the crypto market has been rocked by notable volatility, exacerbated by geopolitical tensions. As the market began to show signs of recovery, attention naturally shifted toward altcoins. Additionally, Bitcoin’s ongoing challenge to break through the $85,000 barrier has led to a decrease in its market dominance, prompting whale investors to actively accumulate promising altcoins like Pi, Pepe, and Binance Coin (BNB) during this downtime.
Pi Coin Price Analysis
Currently, Pi Coin is grappling with significant resistance at the critical $1.5 threshold, where selling pressure is increasingly evident. As a result, the coin’s price is consolidating just beneath the EMA20 trend line. At this moment, it is trading at $1.45, having experienced a decline of more than 4.5% within the last 24 hours.
The PI/USDT pair is currently struggling to breach the immediate resistance at $1.5—a level that could potentially be fortified as short-term holders decide to liquidate their positions. Nevertheless, if demand strengthens, buyers may yet have the opportunity to overcome this hurdle.
If Pi Coin remains below the EMA20 trend line on the 1-hour chart, it’s likely that sellers will attempt to push the price down to $1.38. A sustained decline from this level could firmly establish sellers’ control, pushing prices down to $1.26.
Conversely, with the Relative Strength Index (RSI) lingering below the midline at 40, there may be an opportunity for a retest of the resistance zone. Should the price stabilize above $1.5, it would signal a potential shift in favor of buyers, possibly leading to a rise toward $1.8.
Pepecoin Price Analysis
Pepecoin has been gradually edging up, targeting a decisive breakthrough above the 23.6% Fibonacci retracement level, despite facing strong resistance from sellers. Currently, the PEPE/USDT pair is encountering resistance around the $0.0000075 mark, a level where bearish sentiments tend to expand.
Despite this resistance, the RSI at 57, currently within buying territory, suggests that Pepecoin may still achieve breakout potential. Approaching a critical test at the $0.0000075 level, a successful breakthrough could open the door for further gains towards $0.000009.
On the other hand, if selling pressure intensifies at these resistance levels, any possible upward movement may stall. Should Pepecoin fail to beat the $0.0000075 hurdle, there is a possibility that its price could retreat to approximately $0.000006.
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) is currently witnessing a surge in buying activity, elevating its price beyond the crucial $610 resistance level. Presently, BNB is trading at $614, signifying a notable 5% gain over the last 24 hours.
On the trading charts, the BNB/USDT pair appears to be rising exponentially above the EMA trend lines, potentially leading to a breakthrough above another resistance layer.
The RSI is currently at 78, placing BNB in the overbought zone, which may indicate an impending correction. Still, should BNB maintain its momentum, we could witness an upward trajectory toward $676.
If, however, sellers manage to take control, BNB may retreat to the critical support level at EMA20. A breakthrough below this threshold could incite a steep drop to $563, significantly impacting the bullish momentum currently in play.
