Altcoin price prediction: HYPE descending triangle breakout, BNB, XMR rebound with the trend.

As the crypto assets market shows signs of losses, HYPE, BNB, and XMR are experiencing a slight rebound. Altcoin price forecasts indicate that the technical rebound is due to a decrease in selling pressure. HYPE is approaching the breakout point of a descending triangle, with the central pivot point at 38.09 USD. BNB has rebounded from the 50-day EMA, and XMR has broken through 300 USD, nearing the 319 USD resistance level.

Hyperliquid descending triangle breakout brewing at 42 USD

(Source: Trading View)

As of the time of writing on October 23, Hyperliquid has risen over 4%, continuing the previous day's 2% increase. The rebound momentum of this decentralized exchange (DEX) token focused on perpetual contracts is approaching a local resistance level trend line and has completed a descending triangle pattern, based on the Friday low of $33.28 on the 4-hour chart.

The trend line aligns with the central pivot point on the same chart at $38.09, successfully closing above this level could extend the upward momentum to the R1 pivot point at $42.90. The descending triangle is a classic pattern in technical analysis, typically viewed as a bearish continuation pattern, but when formed in the bottom region, a breakout to the upside may indicate a trend reversal. This pattern of Hyperliquid has been consolidating for several days, and an effective breakout of the trend line will open up upward space.

The recovery of HYPE has been confirmed, and the technical indicators on the 4-hour chart indicate that as the Moving Average Convergence Divergence (MACD) crosses above the signal line, the selling pressure has decreased, confirming a bullish reversal. The MACD is a trend-following indicator that forms a golden cross when the fast line crosses above the slow line, which is a typical buy signal. Additionally, the Relative Strength Index (RSI) on the same chart has risen to 55, indicating further growth potential before reaching the overbought zone. An RSI above 70 is considered overbought, and the current reading of 55 shows that the market is in a healthy bullish state.

In terms of altcoin price prediction, the key levels of HYPE include the support level at $33.28 (the descending triangle baseline) and the resistance level at $38.09 (the central pivot point). After breaking through $38.09, the next target is the R1 pivot point at $42.90, which will represent approximately a 14% upward potential from the current price. On the other hand, a reversal from $38.09 may retest the $33.28 baseline.

Hyperliquid, as a decentralized perpetual contract exchange, sees the price trend of its token HYPE closely related to the platform's trading volume and ecosystem development. Recently, Hyperliquid Strategies announced plans to raise $1 billion to purchase HYPE, which provides fundamental support for HYPE through institutional buying. If HYPE can break through the current resistance level and confirm the Rebound, it may attract more investors' attention.

Key Technical Levels for HYPE Altcoin Price Prediction:

Support level (33.28 USD): The descending triangle baseline, losing it will disrupt the Rebound structure.

Resistance level (38.09 USD): Central pivot point, breakout confirmation for bullish reversal.

First Target ($42.90): R1 Pivot Point, potential increase of about 14%

Invalidation Level ($30): A break below will reassess the bullish narrative.

BNB rebounded from the 50-day EMA but indicators diverged

(Source: Trading View)

The native token of the Binance ecosystem, BNB, has risen for the second consecutive day, continuing the rebound momentum from the 50-day Exponential Moving Average (EMA). As of the writing of this article, BNB rose 1% on Thursday, trading above the $1000 mark. The rebound of BNB is still overshadowed by the 4% drop bearish K-line formed on Tuesday. If BNB decisively closes above the R1 pivot point of $1114, it will surpass Tuesday's decline and may extend the rebound to the R2 pivot point of $1220.

The 50-day EMA is the most commonly used medium-term trend indicator in technical analysis. When the price is above the 50-day EMA, it is generally regarded as a medium-term upward trend. The rebound of BNB from the 50-day EMA indicates that this technical support is still valid, with buying pressure entering at a critical position. However, the technical indicators are showing divergent signals. The MACD and signal line are moving laterally from the downward trend line, indicating a weakening supply pressure. At the same time, the RSI is reported at 47, slightly consolidating below the midpoint level of 50, indicating a neutral trend.

This kind of indicator divergence needs to be treated with caution in altcoin price predictions. A sideways movement in MACD is often a precursor to a trend change, which can be either upward or downward. The RSI is slightly below neutral at 47, indicating that bullish strength has not yet fully established. Therefore, while the Rebound of BNB is ongoing, it lacks conviction and requires more confirmation signals.

If BNB can decisively close above the R1 pivot point of 1114 USD, it will confirm the validity of the Rebound and open the way to 1220 USD. Calculating from the current approximate 1000 USD, 1114 USD means an upward potential of about 11%, while 1220 USD indicates an upward potential of about 22%. However, if it falls below the 50-day EMA, its recovery momentum will fail, and it may drop to the central pivot point of 977 USD, representing a downward potential of about 2.3%.

BNB reached an all-time high of 1369.99 USD this month and then fell back about 21%. The current consolidation around 1000 USD may be accumulating momentum for the next round of increases. Perplexity AI predicts that BNB will break through 1600 USD by the end of the year, and support from Robinhood and Polymarket also provides fundamental backing for BNB.

XMR selling pressure weakens targeting $345

(Source: Trading View)

As of Thursday's press release, the trading price of the privacy coin Monero (XMR) has surpassed 300 USD, approaching the resistance level of 319 USD, which was the closing price on September 16. If XMR successfully closes above this resistance level, it may target the level of 345 USD that was tested on October 9. Based on the current price of about 300 USD, 319 USD represents an upside potential of around 6%, while 345 USD indicates an upside potential of about 15%.

The MACD and signal line are preparing to cross, which will indicate an increase in bullish pressure. When the MACD fast line is about to cross above the slow line, it is usually an early warning of a buy signal. Additionally, the RSI is at 53, breaking the midline of 50, indicating there is still room for further upward movement before entering the overbought area of 70. This technical configuration shows that the upward momentum of XMR is building.

Monero, as the most famous privacy coin, often shows price trends that are independent of the overall market. Privacy coins have experienced tough times under regulatory pressure, with many exchanges delisting them due to compliance requirements. However, for users who value privacy, Monero remains an irreplaceable choice. As global surveillance and data tracking become increasingly common, the demand for privacy is actually growing, providing long-term value support for Monero.

If XMR reverses from $319, it may retest the 50-day EMA at $302, followed by tests of the 100-day and 200-day EMA at $297 and $285, respectively. These three moving averages form a stepped support structure, providing multiple lines of defense for XMR. As long as the price remains above the 200-day EMA, the long-term upward trend remains unchanged.

In the altcoin price prediction, Monero's risk-reward ratio is relatively balanced. If it successfully breaks through $319 and targets $345, investors could gain about 15%. If it falls back to the 50-day EMA at $302, the loss would only be about 0.7%. This asymmetric risk-reward structure makes the current position a relatively ideal entry point.

Market Environment Analysis of the Overall Rebound of Alts

From a technical perspective, the rebound of HYPE, BNB, and XMR stems from the weakening of selling pressure, but the resistance level above poses a risk of a bearish reversal, which may prolong the current downtrend. Nevertheless, a potential breakout could lead to the next significant increase in Hyperliquid, BNB, or Monero. This cautiously optimistic narrative reflects the delicate balance of the current market.

The common characteristic of the three coins is that they have all gained support at key technical positions and started to rebound. HYPE is at the bottom of the descending triangle, BNB is at the 50-day EMA, and XMR is at the $300 integer level. The effectiveness of these support levels provides a technical basis for altcoin price predictions. If the overall market environment improves and Bitcoin breaks through $114,000, these altcoins may follow the upward trend and achieve their respective target prices.

However, risk factors cannot be ignored. Macroeconomic uncertainty, the U.S. government shutdown, and Bitcoin's ongoing consolidation at $108,000 may all affect the sustainability of alts' rebound. Investors should closely monitor Bitcoin's directional choices, as altcoins' independent market trends are usually difficult to maintain for long, and ultimately, they will follow Bitcoin's overall trend.

For trading strategies, one can currently consider participating in the rebound opportunities of HYPE, BNB, and XMR with small positions, setting clear stop-loss orders below their respective support levels, and targeting the respective R1 or R2 pivot points. A staggered entry and exit strategy is more suitable for the current uncertain environment, increasing positions after confirming a breakout and reducing positions near resistance levels to lock in profits.