BNB:
After correcting from $645 to around $500, BNB found support in the $500 area, with the low forming at $498, and the price began a new round of upward movement. After breaking through the resistance levels at $520 and $550, the bulls pushed the price above the 0.5 Fibonacci retracement level on the 4-hour chart.
The high point of the $645 wave also declined to the low point of $498. The current price is also above $575 and the 100MA moving average line on the 4-hour chart.
Additionally, a key bullish trend line has formed on the 4-hour chart. The current support is around $580, with immediate resistance around $588. This level is also near the 0.618 Fibonacci retracement level from the $645 wave high to the $498 low.
Combining the chart, the next resistance level is around $610. If the price significantly breaks through the $610 area, it may further increase. In summary, the price of BNB may test $645.
If the closing price is above the resistance level of $645, it may lay the foundation for further increase to the resistance level of $680. I believe that any further increase may test the $700 level in the future.
Will BNB fall again?
If BNB fails to break the resistance level of $610, it may fall again. The initial support level for the downside is around $580 and the 4-hour 100MA line, with the next major support level around $560.
The main focus support level in the medium-term is around $540. If the price falls below the support level of $540, BNB may fall to the support level of $500. Further decline may trigger a larger bearish trend, ultimately falling to the $450 level.
Technical Indicators:
The 4-hour MACD is showing volume in the bullish zone, and the RSI is currently above the level of 50. Traders can focus on the main support levels at $580, $560, and $540, and the main resistance levels at $598, $610, and $640.
Summary:
BNB's price is attempting to rise again from the $500 area. If the price breaks through the resistance levels of $588 and $610, it may gain bullish momentum. The current price is above $575 and the 4-hour 100MA.
Additionally, a key bullish trend line has formed on the 4-hour chart, with support around $580. If BNB breaks through the $610 resistance area, a new round of rebound trend may occur.
LTC:
As BTC maintains above the $70,000 mark, Litecoin, as a close relative of BTC, is also reaching new highs. With the fifth bullish candlestick, its upward trend is strong and may break the $100 mark in the short term!
In addition, with high expectations for BTC halving, I believe this will have a domino effect on altcoins like Litecoin. Therefore, Litecoin may have a higher bullish trend in the coming months, with market expectations for LTC's price to rise above $200.
Despite the bullish reversal in 2024, LTC's overall price trend is currently retracing from the $80 mark and the 0.382 Fibonacci retracement level.
With a rapid V-shaped reversal, Litecoin has also emerged from the bottom reversal plot, rising over 22% in a week, reaching $96.22, just 4 points away from the $100 mark. Therefore, bearish resistance is evident on the daily candlestick chart, reflecting the ongoing battle at the $100 level.
Furthermore, with a 106% increase in intraday trading volume, it is clear that market traders are actively supporting the bull market for LTC. I believe that once LTC's price breaks through the $100 mark, a stronger breakthrough rebound will occur.
Technical Indicators:
Looking at the RSI indicator, the bullish reversal of Litecoin has led to the recovery of the relative strength index, pushing the daily RSI indicator above the 50 level. The MACD's fast and slow lines also reflect an increase in market demand, leading to a trend reversal and a golden cross. Therefore, the MACD indicator also indicates that the bulls are dominant.
Will LTC's price exceed $100?
Considering the overall market's recovery momentum, I believe that LTC's price will easily break through the $100 mark. Optimistically, the upward trend may reach $113 to form a new high. If the bulls continue to be strong, the price may rise to $130. However, if there is a pullback and a retest of $100, the bullish target of $130 may no longer exist.
Summary:
LTC's price trend shows a large-scale rebound, rising 15% in five days. As the bulls maintain dominance above the 0.5 Fibonacci level, the price trend may see levels above $100. If the price remains above the $100 mark in the future, LTC's price may reach the $113 mark.
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