Hello Folks!!
Last few days have seen most of the coins losing their initial first or second support. It's been a tougher week once again for most of the alt coins and primarily because of the SEC filing charges against Binance US. Polygon, Solana, Sand etc. have seen a sharp reversal as they are now securities as mentioned by SEC.
If you wanna know a detailed analysis for the recent fall of crypto prices, I have already covered it for you.
FED recent report and market crash. Top Reasons
In this article, I am gonna share with you all a technical analysis and my personl projection about top coins. Let's explore.
1. Bitcoin: The king of all as always is not as volatile as we see with other coins yet it has broken the initial support of $26800
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and posing a threat to the next support at $24350. Does that mean a bearish downtrend or market is just realizing a healthy correction to the rally earlier this year? IMO it's better to realize it as a correction and strongly don't believe it fall to sub $20000 levels in the coming few days. To take Bitcoin below $20000, the market needs minimum 2 red flags like FTX or Celsius.
So, the verdict is that you may emerge a winner if you accumulate below $26000 and if you are a long term HODLER, wait till the next halving which is happening in 2024.
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Litecoin holds the same analysis sa Bitcoin. Just keep accumulating under $75.
2. Polygon: The track record and use cases of this coin has made me put it at no. 2 position. Anytime in the history of this coin, it has seen higher jumps whenever it's in a situation of a free fall. Last month Polygon has rose to $1.25 then came back to $0.98 then again back to $1.15.
Polygon is down because of recent crackdown by SEC but anyone buying below $0.6 is set to gain big in the near future. The fea nd greed index of Polygon shows that this is the right time to dive in.
3. Binance: Another coin with a major decline in prices is BNB. After a long time BNB has seen sub $230 level. Assuming that Binance is not build on cards and has very strong presence around the globe, the impact of crackdown in the US must be limited to this level and we may once again see BNB above $250 in this month itself.
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So, friends hope you like my mid month analysis for my favourite top 3 coins. Please comment if you have your own view for another coin.
Note: Nothing in this article is a financial advice, Please DYOR before making any trade.
