As the crypto community eagerly awaits the SEC’s decision on the approval of a Bitcoin ETF, expected in a few hours, there’s a buzz not just among Bitcoin investors but also those in altcoins. Binance CEO’s recent comments have further fueled the anticipation, comparing the potential impact of a Spot Bitcoin ETF to the Gold ETF era, suggesting a possible massive growth similar to gold’s price surge from $700 in 2004 to $2450 in 2011 after the approval of the first Gold ETF.
While the approval of Spot Bitcoin ETFs seems imminent, it’s crucial to also consider key levels in altcoins, as their volumes could increase following a Bitcoin rally post-ETF approval. Three popular cryptocurrencies are highlighted with their current critical levels and potential price movements in both bullish and bearish scenarios.
Solana (SOL) shows a flattening 20-day EMA at $96 and an RSI close to the neutral zone. Bears aim for a close below the uptrend line, which could lead to a drop to $67, while a bullish scenario could target a rise to $117.
Ripple (XRP) remains resilient despite Ripple Labs’ announcement to repurchase shares at a valuation of $11 billion. XRP’s price stability above $0.54 holds hope for a rise, with potential targets at $0.67 and $0.74, but a fall below this level could lead to a drop to $0.50.
Avalanche (AVAX) faces a risk of dropping to $31, with a potential bearish target of $26 if support breaks. Conversely, overcoming the $38 resistance could lead to an attempt to reclaim prices above $50.