August has continued the downward trend that began in July, leading to an extended correction phase for many major cryptocurrencies. The technical charts indicate that several asset prices have retraced to their multi-month support levels, potentially contributing to a positive long-term bullish outlook. Here are a few of the prominent cryptocurrencies that appear to be positioned for a substantial rebound, offering favorable prospects for long-term investments.
Also Read: Why Bitcoin May Rally In September First Week
SOL Price Analysis: Bullish Pattern Prepares Potential Recovery
Source: Tradingview
The daily time frame chart shows the downward trend in the Solana coin has turned sideways, reflecting the exhaustion of the bearish trend. In addition, this consolidation is confined within two converging trendlines projecting the formation of a symmetrical triangle pattern.
By the press time, the SOL price trades at $21.92 and shows a steady downfall in response to a broader market sell-off. With sustained selling this altcoin is likely to tumble another 25% and hit the lower trendline of the triangle.
Investors bullish on Solana can accumulate at this aforementioned trendline for a strong rebound. A bullish breakout from the pattern’s resistance trendline will be a better confirmation for trend reversal and could set a bullish rally to $60.
BNB Price Analysis: Accumulation at Bottom Support
Source: Tradingview.
In the third week of August, the Binance coin witnessed an aggressive sell-off in response to increased bearishness in the market. From the August 14th top of $241.5, the coin price tumbled 10.5% and breached the multi-month support of $220.
Losing the support should put buyers under intense pressure and the likelihood of prolonged downfall. Currently, BNB price trades at $216.9, and with sustained selling it should drop another 15% to hit yearly support near $183.5.
This support could offer investors an opportunity to accumulate. However, the potential buyers can obtain a safer entry if the price breaks above the downsloping trendline, bolstering a price to rally to $236, followed by 352.
LTC Price Analysis: Buyers Standing at 1200-day Support
Source: Tradingview
For over three years, Litecoin buyers have witnessed active accumulation at a long-coming ascending trendline. The previous three bounces back from the support trendline reflect its credibility for a bullish rebound.
As of now, LTC price trades at $65.1 and is steadily approaching the lower trendline close to $55. The market participants must keep a close eye on this support and wait for reversal signs.
A successful bounce back will set a new recovery rally in LTC, potentially rising above $115, followed by $280.
