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Because of its sheer market supremacy, Bitcoin’s price success always has a significant effect on the rest of the market’s altcoins. However, such an effect is never uniform or stable, as shown by the last few hours. While several alts seemed to be improving somewhat at the time of publication, BTC has yet to see any significant uptrend after its collapse below $60,000.
Binance Coin [BNB]
Binance Coin, the world’s largest exchange token, has risen rapidly in recent months, propelling BNB up CoinMarketCap’s rankings as well. Indeed, BNB’s recent rise has been so exponential that it has always brushed off the general market’s bearishness. This was also the case in recent days, with BNB that by more than 36% in a couple of days after the corrections subsided.
As a result, BNB’s stock behaviour contrasted sharply with that of other alts, with the latter exhibiting much greater inconsistency in recent trading hours.
The results of Binance Coin’s technical indicators illustrated the magnitude of the bullishness in the industry. Although the dotted markers of the Parabolic SAR were under the price candles, the Awesome Oscillator’s histogram showed an increase in momentum after it had fallen below the half-line.
With on-chain analytics predicting that BNB’s rally would last a long time, now might be a decent time to buy the coin.
UNI, the cryptocurrency market’s leading DeFi token, has had a wild April. If the altcoin traded strictly within a narrow price range during the first week of the month, there has been a lot of variance in the last week or so. The Bitcoin-led corrections that swept in a few days ago had an impact on UNI as well. However, at the time of publishing, some recovery was in order, with the alt increasing by 10% in a matter of hours.
Although the mouth of the Bollinger Bands was closing in, indicating that some uncertainty was on the way, Chaikin Money Flow was close to 0.10, highlighting the market’s resilience in terms of capital inflows.
The press time price of UNI seemed to invalidate the results of a previous report that indicated UNI could decline further if the $27-support fell.
THETA, ranked 15th on CoinMarketCap’s indexes, saw a dramatic price reversal after BTC dropped below the $60,000-level. Although some recovery attempts have been made since then, the alt was still a long way from its local top spot on the charts at the time of publication. Furthermore, THETA’s new price trend has been diametrically opposed to the movement seen in the latter half of March.
However, some optimism was creeping in. Although the Bollinger Bands were closing in, indicating a decrease in market uncertainty, the MACD line was rising above the Signal line.
Polkadot [DOT] recently reached an all-time high of more than $47. However, market corrections have dramatically reduced the market’s valuation, with the cryptocurrency currently trading at just over $34 on the stock charts. Though the alt has risen by more than 9% in the last few hours, it was unclear at press time if this would result in a pattern reversal since the last market candle was flickering bearish signals.
In reality, DOT’s indicators would indicate that such a turnaround was unlikely to occur because, although the dotted markers of Parabolic SAR were above the price candles, Chaikin Money Flow was well below zero, highlighting the intensity of the market’s capital outflows.
A previous study had forecast the selling pressure that was visible in the Polkadot market at the time of publication.