BTC Falling Below $30.5K Could Spell Good News For Altcoins

• Over the past week, the altcoin market took a downward turn despite Ripple’s SEC victory.
• If the price of BTC falls below $30.5K in the coming week, it could spell good news for altcoins like XRP, BNB, and LTC.
• All three altcoins were on the verge of breaking below crucial support levels on their respective charts.

Despite Ripple’s (XRP) recent victory against the SEC, the altcoin market still took a bit of a downturn over the past week. This could be a reflection of the fact that many traders decided to take bearish positions on altcoins, which means that this coming week could be make or break for cryptocurrencies like Binance Coin (BNB), XRP and Litecoin (LTC).

One of the deciding factors that will influence these tokens’ performances will be the price of the crypto market leader, Bitcoin (BTC). If the price of the crypto king falls below $30.5K in the coming week, it could cause investors’ eyes to wander towards altcoins like BNB, XRP, and LTC, potentially driving up their prices.

CoinMarketCap indicated that all three of these altcoins saw their prices drop over the past day of trading. XRP was worth about $0.7389 at press time after its price slipped by 4.66%.

Short-term bulls attempted to cash in some of their profits over the past 24 hours, However, this profit taking attracted aggressive selling pressure from bears as they started opening multiple sell positions. This selling pressure resulted in XRP’s price falling to the 50 EMA line at $0.74.

If the remittance token’s price bounces back from this level, it could fluctuate to between $0.75 and $0.85 for a few days. A break above $0.85 may clear a path for XRP to retest $0.93. On the other hand, a break below $0.74 could bring XRP’s price down to $0.55.

Meanwhile, BNB was also trading in the red after a slight 0.65% price decline. As a result, BNB was trading hands at $242.35 at press time.

A symmetrical triangle pattern had formed on BNB’s 4-hour chart which suggested that there may be a breakout soon. The relatively flat 20 EMA line and the RSI that was hovering in the midpoint indicated that this potential move could go either way.

If buyers manage to push the price above the triangle, BNB’s price could ascend to the next resistance at $285. This resistance is crucial to monitor as surpassing it could pave a way for a potential surge to $300.

In order for bears to take control, they would need to pull and keep BNB’s price below triangle chart pattern. If the altcoin’s price breaks below $235, then selling pressure may intensify to bring the cryptocurrency down to $220.

LTC suffered a similar fate as it saw its price drop by more than 2% over the past 24 hours. This left the altcoin trading at $92.57, according to CoinMarketCap.

Buyers attempted to push LTC’s price above the 100-day EMA, but sellers foiled the attempt to make the level a resistance. If the altcoin’s price falls below the crucial support at $89, then it may be at risk of falling to $81 as well. Conversely, a break above $96 could result in a relief rally to $106 in the next few days.

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