Bitcoin, the world’s biggest cryptocurrency, was traded just under $60k at the time of publication, as it had for the majority of the previous 48 hours. However, counter to popular belief, a number of altcoins seemed to be defying the trend and climbing the charts on their own. This was the case at the time of publication, with stocks such as BNB and ELGD also showing significant gains.
Binance Coin [BNB]
Binance Coin, the native token of perhaps the world’s largest crypto-exchange, has been one of the most unexpected entrants into the industry top-5 this year, with the alt surging up the charts in recent months. Though BNB did return to its former consolidatory trend on the charts in mid-March, the last 10 days or so have seen BNB recover its form. For example, during the last three days, the cryptocurrency has risen by more than 12%, until any corrections set in.
However, it is difficult to predict whether BNB would be able to maintain its uptrend, especially in the absence of substantial movement in the BTC sector. The dotted markers of the Parabolic SAR were well positioned below the price candles, but the MACD line registered a bearish crossover with the Signal line.
Furthermore, BNB’s latest moves have been followed by very low trading rates.
If the BNB market begins to suffer from corrections, the digital asset’s valuation could sink to $317, as expected by recent reports.
Elrond, the cryptocurrency ranked 42nd on CoinMarketCap’s charts at press time, has recovered exponentially following the market-wide depreciation on March 25th, much as BNB before it. In reality, the altcoin has risen by more than 23.5 percent in the last three days alone. However, at the time of publication, it was unclear if EGLD would be able to maintain its market momentum and break its ATH of $214 in the near term.
However, EGLD’s technical indicators were both flickering bullish signs at the time. While the Bollinger Bands’ mouth was diverging, suggesting a higher degree of market uncertainty in the short term, the Chaikin Money Flow reported a reading of 0.20.
Here, it’s worth noting that Elrond’s integration with Polkamarkets may have also contributed to the spike in EGLD’s volumes and value.
Hedera Hashgraph [HBAR]
The price action of Hedera Hashgraph was very distinct from that of Binance Coin and Elrond. Although the latter two have climbed to the top of the charts in recent days, HBAR has been slowly falling. In reality, HBAR has dropped by more than 14% since March 30th.
In several respects, the current price trend of HBAR was very different from the one witnessed by the altcoin at the end of March.
However, this could change soon, with a couple of the alt’s markers suggesting a turn in the near term. Although the MACD line crossed over the Signal line during a bullish crossover, the Awesome Oscillator’s histogram was ambiguous about the existence of its demand momentum.
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