Bitcoin crossed above the $113K level after its price action was restrained to a tight range. Altcoins, too, started to feed off Bitcoin’s bullish price rally with major coins like XRP, Solana, and BNB feeling spiking. XRP crossed above the $3 level, BNB smashed the $880 resistance level, while Solana headed above $215.
On the weekly chart on CoinMarketCap, Bitcoin tested the $113K resistance level a few times but was rejected. On September 5, BTC cracked above the $113K but was not able to keep the momentum going; hence, the prices crashed below $110K.
At presstime, the flagship cryptocurrency is trading at $113.1K, after gaining more than 2.5% during the past 7 days. The 24-hour trading volume is up by more than 55% and has reached $45 billion.
XRP crosses above $3, and the next target could be $3.5
On the daily chart, Ripple’s token, XRP, is fluctuating inside a falling wedge as it tests the upper trendline of the falling wedge. It’s not just the upper trendline that is acting as a resistance level, but also the 50-day Moving Average (MA), which might be difficult for XRP to cross. If the market is overbought, the prices could rebound off the upper trendline and continue the motion inside the wedge; however, the RSI fails to flag any overbought condition. As such, XRP may break out from the wedge, as there is bull power in the market, according to the Bear Bull Power indicator.
BNB could reach $950 when it makes another higher high
Binance’s coin, BNB, is trading inside a bearish rising wedge. As BNB has rebounded off the lower trendline of the wedge, it may continue, fluctuating inside the wedge. Given that BNB continues its motion inside the wedge, the next higher high would be close to $950. However, once BNB completes the pattern, it will crash to $40.
Solana targets $240, but bears may obstruct it at $220
Solana (SOL) is testing the upper trendline of the rising wedge after crossing above the local level of $215. As Solana continues to trade inside the rising wedge, the token could reach $240; however, the path to this level will not be easy. SOL will have a hard time breaking above the $220 level, where the bears will defend their territory fiercely.
