The crypto markets have approached a standstill position as most tokens have inculcated a sideways trend. The altcoins are constantly failing to secure levels above their respective resistance levels, which is preventing the bulls from gaining momentum. In the meantime, XRP, BNB, & LTC prices have displayed some strength that indicates the tokens may undergo a short-term upswing very soon.
After the XRP price reached the yearly highs above $0.9, the price failed to hold above the gains, causing the token to head towards its initial position. Although crypto has triggered a rebound, the volume remains relatively low. As a result, no specific upswing may be expected, but the price could continue trading sideways just above 0.236 FIB levels.
While most of the altcoins have dropped below the ascending trend line that they have maintained since the start of 2023, XRP’s price has successfully bounced back after every contact. A similar action was recorded in the recent past, which suggests, a bullish impulse wave could be imminent. Although the price may certainly not reach 0.3 FIB levels at $0.6, it may surely surpass $0.55 in the next 48 hours.
Binance coin holders faced extreme grief in recent times as the price faced acute bearish pressure due to uncertainties hovering over the Binance exchange. However, the price managed to hold above $200 but is constantly failing to attract bulls with huge buying pressure. Therefore, the BNB price, which is hovering within a minor range, is believed to remain steady for some time.
The Bollinger bands have begun to squeeze, which suggests volatility and volume are decreasing. This may eventually result in a breakout in the direction of the volume induced. In this case, the MACD is bullish, and hence a notable upswing could be expected beyond the $220 to $225 range in the coming days.
The Litecoin halving was expected to be a bullish event, elevating the price above the bullish range. A diverse action was witnessed as the price fell from the level of around $82 to $65. However, the LTC price has now triggered a rebound from bearish captivity, but the current bullish volume is too low to trigger a major upswing.
The price, after a major fall, continued to hover between $60 and $65, including a jump to $70, which appeared to be a bull trap. Besides, the RSI in the short term is bullish and heading towards overbought levels. Therefore, the Litecoin price is believed to trade within a narrow range in a descending triangle. After reaching the apex, the price could undergo a bullish rebound, instead of a notable correction.
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