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Many market altcoins opened with a bearish outlook on 6 July. And yet, BNB climbed back above the $300 level finally.
The market capitalizations of Bitcoin Cash and Litecoin noted declines of 9.11% and 9.06%, respectively. While Bitcoin Cash recovered from its price slump, on the trading charts, it pictured a lot of bearish momentum. Finally, Litecoin demonstrated a fall in buying pressure across the market at press time.
Binance Coin [BNB]
Binance Coin has continued to trade sideways, attempting to break through the $340 barrier mark. BNB’s nearest support level remains $254. In the last 24 hours, the altcoin has risen by 2.1 percent. Binance Coin showed signs of life after rebounding from the $254 support level and trading over the $300 mark.
Bearish indications were spotted throughout its trading indicators for a time, with the Awesome Oscillator indicating the same on 5 July. However, some optimistic signals have emerged as a result of the recent price rebound. With the cryptocurrency remaining mostly range-bound, buying pressure has gradually crept higher as capital inflows have increased in recent days.
The Bollinger Bands were parallel, but with some convergence hinting at no steep price action over the next few trading sessions.
Bitcoin Cash [BCH]
Since the latter week of June, the price of BCH has been stuck between $475 and $555. The asset, like any other currency, experienced a collapse as a result of broader market weakness, and despite recoveries, the token still exhibited negative inclinations at press time. If the currency is supported by significant bullish pressure, it may attempt to break through the $555 barrier level. In the event of another drop, the cryptocurrency may potentially find itself at the $475 support level in no time.
The Bollinger Bands were closing in, indicating a low probability of strong price movement in the short future. The Relative Strength Index remained near to neutral, although at press time, purchasing pressure had dropped somewhat.
A bearish crossover on 5 July marked the onset of increasing bearish momentum as the red histogram on the MACD indicator seemed to extend itself at press time.
Litecoin had dropped by 3.1 percent in 24 hours as of the time of writing. The alt reversed its recent gains, and if the currency does not regain momentum, it will only be a matter of time before it reaches the $130.24 support level once more. If the asset goes north, it appeared likely that it would break past its $148 resistance levels, which it had previously tested twice in the previous week or so.
The market’s purchasing vigour decreased as the Relative Strength Index approached its median line. At the time of publication, this reading indicated that sellers had risen. The Chaikin Money Flow validated the same as the indicator observed a fall in capital inflows over outflows.