- BNB price edges slightly lower on Tuesday after correcting almost 6% in the last three days.
- AVAX price continues its pullback on Tuesday after declining more than 13% since Saturday.
- Traders should be cautious as both altcoins show signs of weakness in momentum indicators.
Altcoins BNB (BNB) and Avalanche (AVAX) continue to trade down on Tuesday after declining 6% and 13%, respectively, since Saturday. Furthermore, the technical outlook also supports a bearish trend as both altcoins show signs of weakness in momentum indicators.
BNB Price Forecast: Poised for a correction ahead
BNB’s price faced a pullback around the $725.61 resistance level on Saturday, declining 5.6% until Monday. On Tuesday, BNB approaches its ascending trendline (drawn by connecting multiple lows since early August 2024) and trades around $681.
Suppose BNB breaks below the ascending trendline and closes below the 200-day Exponential Moving Average (EMA) at $662.15. It would extend the decline by 9.58% from its current levels to retest its daily support at $612.50.
The Relative Strength Index (RSI) on the daily chart reads 44, below its neutral level of 50 and points downwards, indicating strong bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also shows a bearish crossover on Sunday, suggesting a sell signal and a downtrend.
BNB/USDT daily chart
Avalanche Price Forecast: AVAX shows signs of weakness
Avalanche’s price faced rejection around its weekly resistance level at $41.15 on Saturday and declined 13.53% until Sunday, closing below its 200-day EMA at $37.29. At the time of writing on Tuesday, it continues to edge down, trading around $35.05.
If AVAX continues its pullback, it could extend the decline by 8.5% from its current levels to retest its 61.8% Fibonacci retracement level at $32 (drawn from the August low of $17.29 to December high of $55.79).
Like BNB, Avalanche’s RSI indicator trades below its neutral level of 50 and points downwards, indicating strong bearish momentum. Moreover, the MACD shows a bearish crossover on Monday, suggesting a downward trend.
AVAX/USDT daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Tether mints another $1,000,000,000 USDT on Justin Sun’s Tron blockchain: TRX traders could profit
Tether, the world’s largest stablecoin issuer, has minted another $1 billion worth of USDT on the Tron blockchain according to Whale Alert data published Friday.
XRP Price Prediction: XRP back above $2 liquidating $18M in short positions, will the rally continue?
Ripple (XRP) seeks support above $2.0020 on Thursday after gaining 14% in the past 24 hours. The token trades at $2.0007 at the time of writing, reflecting growing bullish sentiment across global markets.
Avalanche Octane update goes live on mainnet, slashes transaction fees significantly
Avalanche (AVAX) Octane update, live on mainnet on Thursday, introduces a dynamic fee mechanism to the C-Chain. This mechanism reduces transaction costs during high network activity by adjusting real-time fees, as per ACP-176.
Dogecoin soars as 21Shares files S-1 for DOGE ETF
Dogecoin (DOGE) rallied nearly 12% on Wednesday after asset manager 21Shares filed an S-1 application with the Securities & Exchange Commission (SEC) to launch the 21Shares Dogecoin exchange-traded fund (ETF).
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.