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Today’s cryptocurrency market appeared to be slightly upbeat, as major players and industry altcoins posted significant daily gains on their charts.
Binance Coin appeared to be on the verge of testing the $290 resistance level, as well as welcome capital inflows back into the market. With a rise in purchasing pressure, ATOM flashed a positive signal. Finally, the price of VET showed an upward trend, although this was accompanied by the likelihood of considerable market volatility.
Binance Coin [BNB]
Binance Coin’s price has risen by 6.6 percent over the last 24 hours. The alt was trading at $280.31 at the time of publication, and with a continuous increase in value, bullish momentum might take over soon. At the time of publication, the critical support and resistance levels for BNB were $260 and $290, respectively.
Over the last 24 hours, BNB has traded in a tight range between $290 and $269, with high volatility. BNB, on the other hand, was poised to test the $290 resistance level at the time of publication. The Bollinger Bands were also diverging, indicating that volatility was increasing.
As the Chaikin Money Flow moved north, capital inflows increased as well, before dropping somewhat. Unfortunately, BNB’s recovery isn’t quite there yet. As a result, it would be an exaggeration to suggest that the coin has already begun a bullish journey. The Average Directional Index was seen to be below 40, indicating that the trend was deteriorating.
ATOM, like other cryptocurrencies, has been pushed to the downward as the price of the broader crypto-market continues to fall. However, at the time of publication, the altcoin was trading at $10.05, with its market value up 11.04 percent on the charts as a result of some rebound.
At the time of writing, the Relative Strength Index indicated that buyers were gaining market dominance over sellers. Demand surged as purchasers returned to the market, perhaps pushing the price even higher. In the early hours of July 21, the MACD flashed bullish signs with its green histogram, indicating a bullish crossover.
The Awesome Oscillator also showed green signal bars, which are a sign of positive sentiment in the market, to back up the previous remark.
Due to the recent crypto-market drop, VET’s price fell below its $0.062 support level. It did, however, rise somewhat overnight, resulting in a 6.5 percent increase in value. VET’s price was $0.061 at press time, with a market value of $4.08 billion.
If VET fails to hold on to the previously indicated gain, it will break through its support level of $0.580, and if the bulls restore power, the major resistance levels to test will be $0.062 and $0.668.
As the dotted markers were seen below the candlesticks, the parabolic SAR reading indicated a rise in price. As the Squeeze Momentum Indicator flashed a squeeze release and a shorting opportunity, VET could experience a period of significant volatility.
With the rise in price and the Relative Power Index indicating a northbound advance, buyer pressure in the market regained lost strength. However, at the time of writing, the number of buyers had somewhat fallen.