Beaten-Down Altcoins to Buy? XRP, BNB & SUI Price Analysis

It’s a bloodbath out there in the cryptoverse. Bitcoin is still plummeting, and of course, the rest of the crypto market is also falling like a stone. That said, thinking logically, it has to end at some point. Which altcoins can bounce back the strongest? $XRP, $BNB & $SUI are possible candidates.

$XRP at the edge of a cliff

Source: TradingView

The $XRP price is finely balanced at important market structure support. If the price loses this level $1.56 is a pretty firm bet for the next port of call. $0.74 is also a possibility if one considers that the $XRP price has very little solid price structure beneath it. 

That said, buying at this level is probably the right thing to do, given that the price is at a decent support level, and it is also right at the bottom of the descending channel. A tight stop loss just below this would be absolutely essential. The Stochastic RSI indicators are promising a cross-up in the not too distant future.

More downside still for $BNB

Source: TradingView

$BNB is a strong token because it has the vast resources of the Binance exchange behind it. That said, the $BNB price went up so much and so quickly to the relatively recent all-time high, that without any decent price structure around it, gravity was the strongest pull.

It definitely looks as though the price needs to come down more. The first target for the bears is the horizontal support level at $747, but the 0.618 Fibonacci at $640 is where firmer price support structure awaits. This would probably be the healthier retracement - 53.5% from the top.

Don’t get in front of the $SUI train

Source: TradingView

The trader’s adage of “catching a falling knife” could be applied to the $SUI price. Falling like that proverbial knife, and down 11% on the day so far, this altcoin is in freefall. 

The next possibility to arrest this plummeting coin is the 0.786 Fibonacci level at $1.23. This lines up with horizontal support structure and so would be the level to place your bets. However, given the wild nature of this fall, the chances are that the price could just carry on past this support level for who knows how much further? The candle wick down from the October 10 collapse bears testament to this, although it did stop at the horizontal support of $0.57. 

It’s probably far safer to wait until the $SUI price breaks through the descending trendline and confirms on the other side. This is a train you probably don’t want to get in front of.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.