The cryptocurrency market finds itself shrouded in deep uncertainty, as major players such as Bitcoin and Ethereum continue to experience flat growth over the past few weeks. With neither bullish nor bearish investors dominating the market, it becomes difficult to make new trades with confidence. Yet, some large-cap cryptocurrencies maintain their long-term bullish potential in this volatile market.
One such contender is Binance Coin (BNB). Back on May 24th, the Binance Coin price broke down from a support trendline that had held for five months. Currently, the coin’s price is still wavering below this breached trendline, which now acts as potential resistance. If prices remain below the flipped support, the sellers may drag the altcoin’s market value down nearly 15% to hit the long-term support trendline of a symmetrical triangle pattern. This chart setup governs Binance Coin’s ongoing sideways trend, offering a potentially strong pullback opportunity upon the retest of this support trendline.
Additionally, XRP is displaying promising signs. After spending nearly two months in a correction phase, XRP’s daily chart indicates the formation of a parallel channel pattern. On May 26th, the coin’s price experienced a decisive breakout from this pattern’s resistance trendline. This bullish move, coupled with notable volume, suggests that buyers are looking to regain control of the trend. If sustained, the XRP price could rise 24% and reach the swing high of $0.583.
Lastly, Cardano (ADA) also shows potential for bullish activity. On May 25th, the ADA price broke down from a long-held support trendline of a rising channel pattern, which could have resulted in a significant correction and price drop below $0.3. However, the sellers failed to maintain the breakdown, leading the ADA price to rise back above the trendline. This flip hints at strong demand pressure and support for the coin, increasing conviction for Cardano holders. As such, the Cardano coin, currently at $0.36, may rise and breach the immediate resistance of $0.38, potentially triggering a new bullish cycle within the pattern and driving prices towards the $0.5 mark.
Despite the crypto market’s ongoing uncertainty, several large-cap cryptocurrencies still show potential for growth and bullish trends. However, as with any investment, proper market research is essential before committing to any investment decision. The opinions provided by authors and publications may differ, and they do not assume any responsibility for personal financial loss.
Source: Coingape
