Bearish clouds are hovering over BNB, LTC and AVAX prices. What’s next for this altcoin?

The cryptocurrency market has overcome bullish pressure as the trend has shifted dramatically in favor of the bears. With the Spot Bitcoin ETF approval decision just days away, it was believed that the market would see a sharp rally. However, as the current trading setup shows, altcoins are suffering massive losses as Bitcoin continues to trade sideways as bulls and bears show equal strength. As a result, some altcoins are facing severe declines.

Litecoin (LTC)

• Litecoin suffered a major decline and the price fell below the lower support line of a rising parallel channel.

• Since then, the token has consistently failed to regain its position within the channel, suggesting that its price will continue to be influenced by the bearish effect.

• The bulls are trying hard to push the price higher, but the buying pressure has not reached the required level, so the token is expected to fall and test the important lower support level at $58.92.

• However, while market participants may be hoping for a rebound, the strength of the reversal may not be as great as expected as trading volumes continue to trend downward.

Binance Coin (BNB)

• BinanceCoin failed to surpass the resistance area between $332 and $360, resulting in a pullback that printed two huge bearish candles.

• The weekly RSI showed a bearish signal proving the start of a new downtrend.

• Therefore, the recent rejection has paved the way for the price to maintain its steep decline and test the lower support level at $254.4.

• However, the bulls may become active at $280 and the price may consolidate as the volume may be split between bulls and bears.

Avalanche (AVAX)

• Avalanche price appears to be following a predefined pattern and the price looks likely to reject from the highs.

• As volume decreases, AVAX price has been printing a series of bearish candles, indicating increased bearish holdings for the rally.

• This could sequentially increase the chances of the price reaching lower support below $20, above which a strong bounce is expected.

• However, while the spot Bitcoin ETF is expected to trigger a rebound, it may not prevail for long as the current trading setup predicts the market has fallen victim to ‘buy the rumours, sell the news’.