232 Interactions, 2 today
While the period after a loss is usually one of recovery, several cryptocurrency markets have seen another sell-off. Binance Coin [BNB], Bitcoin Cash [BCH], and Polkadot [DOT] values have already been impacted by the market’s selling pressure. However, when Bitcoin rebounded, the alts indicated a possible trend reversal.
Binance coin [BNB]
Binance Coin has created significant returns for its owners since the beginning of the year. This increase boosted its popularity in the cryptocurrency market, and despite the general market’s instability, BNB managed to retain at least half of its high value.
BNB was trading at $373.90 at the time of publication. At $373.27, it was trading above the barrier level. This upward surge aided the price, but traders were not interested in the level. The volume was decreasing, as demonstrated by the chart above, and the Visible range indicated that not many traders were interested in trading at this level. During the specified time period, the most-traded price level for BNB stayed low at $45 a unit.
Bitcoin Cash [BCH]
The Bitcoin Cash market’s strong volatility pushed the price downward, and the widening gap between Bollinger Bands hinted that the price will see more movement in the following days. The signal line and the 50 moving average were ready to cross, which may contribute to the price decline.
At the time of publication, BCH was trading at $760, with a price range of $857 to $754. The digital asset has reached these extremes in a single day, and the price may remain within this range as it moves forwards. This trend was confirmed by ADX, which reached 32, indicating that the market was backing the rising trend. On the one hand, the market was gaining traction, yet money was still leaving the BCH market. This was evidence of the market’s indecisive traders.
The project’s progress has corresponded with the rise in the value of the DOT token. It was trading at $24.02, with the Parabolic SAR indicator’s markers aligned above the price bars.
The DOT market was in the midst of a severe slump at the time. Unlike other alts, the recent rebound was aided by volume, as shown in the chart above. Relative strength index was showing an increase in market buying pressure as the asset recovered from being oversold. The DOT token’s low value and excellent returns have enticed new purchasers into the market, which may result in a trend reversal.