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Altcoin Price Prediction: LTC, BNB, XLM still in downtrend, but correction is on the way

Price Predictions
Thu, 10/03/2019 - 15:59
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Golovan Dmitry
Altcoins in Downtrend, but there are signs of future correction
Altcoin Price Prediction: LTC, BNB, XLM still in downtrend, but correction is on the way
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Contents

The altcoins market still suffers from the current downtrend. However, it looks attractive, as there are some signs of a possible reverse. A correction may start at least. 

BNB/USDT still suffers from the global altcoin downtrend

BNB/USDT Daily chart
BNB/USDT Daily Chart by TradingView

BNB/USDT develops its downtrend after two flags in a row on the Daily chart. The currency pair still stays below the descending trend line meaning there are no chances for the bulls currently to change the situation. BNB/USDT has met the support area at 15.2586 but bounced off this line with several hammer-like candlesticks. 

We expect the currency pair to start a correction aiming at the closest 18.7068 resistance area, which is crossed by the descending trend line. If this local formation ends with another flag or pennant pattern, BNB/USDT may sharply collapse to the next support area at 12.0658.

BNB holds the eighth rank according to coinstats.app
Image by Coinstats.app

Important Figures: 

  • 24H price changes: +0.28%

  • Total 24H volume: $91.4

  • Total Market Cap: $2.5B

LTC/USDT meets the descending trendline

LTC/USDT daily chart by TradingView
LTC/USDT daily chart by TradingView

LTC/USDT follows the main altcoin trend. The currency pair reached another support at 53.51 and failed to drop further. Litecoin seems to pause the downtrend here to gather buyers or sellers in order to make some noise again.

The currency pair has met the descending trend line on the Daily chart and LTC is likely to test it in the nearest future. In case of positive result, the altcoin will be able to break out the trend line and move higher targeting the closest 63.54 resistance line. 

Another scenario for the Litecoin looks like the following: the currency pair fails to break out the descending trend line and drops below the current support targeting the next one at $42.09. Litecoin takes the sixth rank according to Coinstats.

Important Figures: 

  • 24H price changes: -1.43%

  • Total 24H volume: $1.3B

  • Total Market Cap: $3.5B

XLM/USDT takes a break before the next run

XLM/USDT daily chart
XLM/USDT daily chart by TradingView

Stellar looks comfortable now. The currency pair is close to the descending trend line and managed to make a significant upside spike previously. XLM/USDT has tested the support at 0.05248 and bounced off, leaving some hopes to the bulls. However, the descending trend line still prevents the price from moving higher. It is better to monitor the situation and wait until the price breaks out either the trend line or the closest support at 0.05248

Important Figures: 

  • 24H price changes: +0.44%

  • Total 24H volume: $92.6M

  • Total Market Cap: $1.2B

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About the author

Professional FX and crypto trader with 8+ year of experience. Always looking for interesting market situations. Altcoins fan. Keen on finding the most profitable solutions