Altcoins Face Volatility Amid Geopolitical Tensions, Pi Coin Drops 4.5%, Pepe and BNB Show Mixed Signals
This week, the crypto market experienced a lackluster performance, failing to achieve a comprehensive rally and extending the uncertainty that has persisted since January. This stagnation led to significant declines in most altcoins, with some reaching yearly lows. However, recent developments, including trade-war tensions and inflation concerns in the US, have sparked renewed interest in the altcoin market. As a result, there is potential for a strong recovery rally in altcoin prices next week, with particular focus on pi coin, Pepe meme coin, and Binance coin (BNB).
Over the past week, the crypto market has been volatile due to geopolitical tensions. As the market began to rebound, attention shifted towards altcoins. Additionally, Bitcoin’s recent struggles to surpass the $85K threshold have led to a decrease in its market dominance. This has attracted whale investors, who have been actively accumulating altcoins such as pi, Pepe, and Binance Coin (BNB) during this period.
The Pi coin price is currently facing resistance at the critical $1.5 threshold, with sellers exerting increasing pressure. As a result, the price is consolidating just below the EMA20 trend line. At present, Pi coin is trading at $1.45, having declined by over 4.5% in the last 24 hours. The PI/USDT pair is finding it challenging to reach the immediate resistance at $1.5, a level that could prove strong as short-term holders may choose to liquidate their positions at this point. Nevertheless, there is potential for buyers to overcome this barrier if demand strengthens. Should the price remain under the EMA20 trend line on the 1-hour chart, it is likely that sellers will attempt to drive it down to $1.38. A further decline from there could cement the sellers’ control, potentially lowering the price to $1.26. Conversely, with the Relative Strength Index (RSI) persisting below the midline at 40, there could be an opportunity for a retest of the resistance channel. Should the price sustain above $1.5, it would signal a shift in favor of the buyers, potentially leading to an increase up to $1.8.
Pepe’s price has been edging upwards, targeting a breakthrough above the 23.6% Fibonacci retracement level, despite strong resistance from bears on the price chart. Currently, the PEPE/USDT pair encounters resistance near $0.0000075, a level where bearish sentiments tend to intensify. Yet, with the Relative Strength Index (RSI) at 57 and residing within the buying territory, there is potential for Pepe to achieve a breakout. The coin is approaching a critical test at the $0.0000075 mark, and surpassing this resistance could pave the way towards $0.000009. Conversely, increased selling pressure at these resistance points could halt any potential gains. If Pepe is unable to overcome the $0.0000075 hurdle, there’s a possibility that its price could retreat to approximately $0.000006.
Binance Coin (BNB) is currently seeing a surge in buying activity, pushing its price above the crucial $610 resistance. Currently, BNB is trading at $614, reflecting a 5% gain over the last 24 hours. On the trading charts, the BNB/USDT pair is rising exponentially above the EMA trend lines, which might lead to a break above another resistance. The Relative Strength Index (RSI) is at 78, which places BNB within the overbought region, indicating an upcoming correction. However, if BNB holds its current momentum, we might see a skyrocketing trend toward $676. On the downside, if sellers gain the upper hand, BNB could retreat to the important support level at EMA20. Should it break below this level, it may trigger a steep drop to $563, marking a significant move from the current bullish momentum.
