The crypto market started September on a negative note, as it followed the steps of the August downtrend. The increasing support has plunged the major digital coin even to a lower level with many of them reaching their monthly or yearly support. In this article, we have picked the crypto coins that retained their bullish setup and hold a high possibility of recovery.
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SOL Price Analysis: Wedge Pattern Brings Opportunity of Trend Reversal
Over the past seven weeks, the Solana (SOL) price has experienced a notable correction, resulting in a falling wedge pattern on its daily chart. This pattern is characterized by converging downward-sloping trendlines, which foretells a potential shift from bearish to bullish sentiment.
Currently trading at $20.37 with a 3.28% intraday loss, the pattern typically leads to a bullish reversal when the price breaks above the upper trendline. Investors observing this setup may anticipate a breakout of overhead resistance, as an opportunity to go long.
The post-breakout rally may surge the SOL price to potential targets of $25.5, followed by $32.
BNB Price Analysis: Trendline Breakout may Increase Buying Pressure
The daily time frame chart shows the falling BNB price has started to converge within two converging trendlines. This narrowing range in a downtrend reflects the weakening bearish momentum and the potential of buyers retaking trendline control.
This pattern is known as a falling wedge/ ending diagonal pattern, suggesting the maturity of a downtrend. By the press time, the coin price trades at $215, and with sustained selling it may plunge to $200 to retest the lower trendline.
The traders looking for an entry opportunity must wait for a breakout above the upper trendline which may lead to a recovery rally to $234, followed by $260.
XRP Price Analysis: Range Breakout May Free $XRP From Uncertainty
The ongoing correction trend in
This range formation is spread from $0.556 to $0.485 horizontal levels. By the press time, the XRP price trades at $0.5 and continues to wobble between the aforementioned levels.
For the coin price to resume the recovery trend the buyers must breach the upper resistance of $0.55 which may bolster buyers for a rally to $0.6 or $0.665,