The crypto market is in confusion, as the Fear and Greed index on CoinMarketCap keeps oscillating between fear and the neutral zone. Some traders are buying the dip, while others are still waiting for the dip. While Solana and XRP are still dipping, BNB has found its floor price, so it makes sense for the traders to be divided in their approach.
BNB finds support at a key level
Binance exchange’s token BNB crashed below $1,175 during the past 7 days. The token found support near the $1,070 price level and tried to rise above $1,125, although it managed to break above this resistance level at one point; however, the bulls were not able to sustain this momentum. Therefore, the token crashed back into the $1,070 level for support.
At the time of writing, BNB is trading at $1,063 after it lost more than 10% during the past 7 days. The token has a 24-hour trading volume of $4 billion, up by about 3%.
As shown in the chart below, BNB formed the double top pattern, which is a bearish reversal pattern. This pattern shows that the buyers tried to penetrate the resistance level at around $1,300 twice but failed. The 50-day Moving Average (MA) is supporting the BNB prices, and the bulls are slowly recovering.
XRP targets $2.5 once it breaks out
Ripple Labs’ token XRP is trading at $2.38 after losing about 5% during the past week. The token now has the fifth biggest by market cap, which is $142 billion. As shown in the chart below, XRP is trading inside a falling wedge, where the price rebounds off the upper and lower trendlines. As this pattern continues, XRP will fall to $2.15 and then rise towards the upper trendline. Once the pattern is complete, XRP will rise to at least $2.6.
Solana crashes but recovers quickly
Solana crashed early in the week. However, in the next couple of days, the token recovered and started to make higher highs. At the time of writing, SOL is trading at $185 after losing nearly 9% in the last 7 days.
When looking at the bigger picture, the token is trading inside a bull flag. After rebounding off the lower trendline of the flag, the token is heading upwards, reaching for the upper trendline above $210. However, SOL first needs to cross the local resistance level at $191.
