Over the past few days, the cryptocurrency market has experienced a heavy bullish momentum. As the price of Bitcoin hits an all-time high, other altcoins on the market have also seen a price peak. At the time of writing, BTC traded $57360 with a 24-hour trading volume of $60.4 billion.
Binance Coin [BNB] was one such altcoin market that not only reached an all-time high, but also boosted its market capitalisation to third place in the CoinMarketCap crypto ranking.
Binance Coin [BNB]
The above graph of Binance Coin showed that the digital asset is currently being exchanged at $296.97, close to its $368 high. Over the past few days, the value of altcoin has increased massively. It exceeded the resistance that was evident on the market and finally reached a high.
However, the value has been tracked back and has since passed sideways.
This retracement can be seen via the Stochastic RSI, which stayed in the overcrowded zone until BNB reached its height. Once the price had fallen, the digital asset had dropped below 70, suggesting that the business vendors had increased.
Similarly, the MACD predictor, which was still bullish, was about to see a shift in the pattern. The MACD line stayed above the signal line, noting that the market was highly bullish, but as the sale increased, the asset was moving for a slight correction.
FTX Token [FTT]
Previously, FTT was limited to a short-range of $19 and $21. However, as the altcoin market followed Bitcoin’s lead, the price of FTT also saw tremendous development. Its value was higher than $40 and retraced as the general pattern observed in the market.
As the price varied between $35.56 and $32.04, the market has been crowded with buyers. The Relative Strength Index pointed out that FTT had entered the over-purchased zone a few days ago and stayed there. Despite the restructuring, the purchasers have kept the price above $32.
However, a minor correction may be made to the market. The MACD indicator is similar to the bearish crossover. This may mean that a shift in the pattern has been underway.
Tron [TRX] has seen the market turn unpredictable. The price of the digital asset was currently traded between $0.0633 and $0.0581. This sideways momentum seemed to have kept the market bullish as the signal line stayed under the candlesticks.
However, the Bollinger Bands remained divergent, implying that rates could still fluctuate due to market uncertainty. Even if the price is lower, the help offered was $0.581, and if the price is lower, the resistance would have to be re-tested at $0.0633.
Meanwhile, the Relative Strength Index noted that TRX had climbed close to the over-purchased zone, but the buyers have not yet fully taken over.
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