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In his latest technical analysis, analyst Rakesh Upadhyay addressed the future of major cryptocurrencies including Ethereum, BNB, Solana and XRP. Amid a sharp market decline, with Bitcoin plummeting to its lowest level since February, Upadhyay offered his outlook for the price of these altcoins.

Ethereum has been trading in a range between $2,850 and $4,094 for the past few days. According to Upadhyay, aggressive selling by the bears pushed the price to the range’s support at $2,850 on July 5.

With the RSI entering oversold territory, it suggests that a relief rally could be around the corner. According to it, if the price rises from the current level, the ETH/USDT pair is likely to face selling at the 20-day EMA ($3,373).

However, if the price turns down from this average, there is a risk of a break below $2,850, with the next support at $2,200. Then, the bulls will need to push the price above the 20-day EMA to indicate that the range-bound action remains intact.

BNB

Meanwhile, for BNB, he points out that the altcoin saw aggressive selling, breaking the $551 and $536 supports on July 4. Upadhyay noted that the selling continued on July 5, and the bears pulled the price below the solid support at $495.

The good news, according to him, is that the bulls did not allow the price to break below the $460 support. Hence, with the RSI levels oversold, he predicts that the bulls may attempt to initiate a recovery, which will face selling at the 20-day EMA ($570).

“If the price turns down from the 20-day EMA, the bears will make one more attempt to sink the BNB/USDT pair below $495, which could take the pair to $400.”

Solana

Solana saw its price dip close to the formidable support of $116 on July 5 following a failure by the bulls to push the price above the 50-day SMA ($154) on July 3.

According to him, this level has held on three previous tests; therefore, the bulls will try to protect it again. He predicts that the bounce will likely face selling at the 20-day EMA ($141). Should the price fall from this average, there is a risk of a breakout, taking the SOL/USDT pair to $100.

“The advantage will tilt in favor of the bulls on a break above the 50-day SMA,” he explained.

XRP

Rounding out the analysis is XRP which dipped below the $0.46 support on July 4, followed by a drop below $0.41 the next day.

The analyst points out that the long wick on the candle shows that the bulls bought the dip and are trying to keep the price above $0.41. With the RSI at an oversold level, he suggests that the XRP/USDT pair could see a relief rally that could reach the moving averages.

“If the price turns down from the moving averages, it will indicate that bears remain active at higher levels, putting the $0.41-$0.38 zone at risk of breaking out, and the pair could collapse to $0.30,” he said.

On the other hand, for Upadhyay, a rally above the moving averages will suggest that the break below $0.41 may have been a bear trap.

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Source: https://www.criptofacil.com/analista-indica-para-onde-vai-o-preco-do-ethereum-bnb-solana-e-xrp/



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