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Since the price reversal on July 21, most altcoins have been trading in the green. Prices have begun to rise, albeit slowly. Following the announcement of the official Ethereum Improvement Proposal, Ethereum rallied even more. Binance Coin’s price action, in particular, did not show much promise, possibly due to regulatory obstacles that made it difficult for the coin to rise above its resistance levels. The increased trading volume of Litecoin confirmed its increased buying pressure.
Ethereum’s price has risen by 15.1 percent in the last week after breaking through the $1879 support level. ETH was trading at $2180, with a 1.9 percent daily gain. The alt king rallied fairly, displaying a clear price reversal after rising above its $2160 resistance level.
It saw a 3.33 percent increase in market capitalisation over the last 24 hours, and trading volume increased at press time, indicating more ETH token buyers.
Over the last few days, Ethereum has been in the oversold zone. At the time of writing, the Relative Strength Index had fallen below 70, indicating that buying pressure had weakened slightly. The Squeeze Momentum Indicator showed a squeeze release and a buy signal.
The alt’s bullish momentum was palpable as it recovered significantly over the last week. On July 21, the MACD indicator registered a bullish crossover, which was followed by green histograms on the indicator.
Regulatory concerns may have had an impact on BNB’s price action. At the time of publication, the coin was priced at $302, with a $309 immediate resistance level.
BNB has lost 0.7 percent in the last 24 hours and has gained only 1.0 percent in value over the last week. Binance Coin’s value could fall further if trading remains uncertain and sideways.
The bears’ strength has returned, as evidenced by the Awesome Oscillator. Because BNB was trading just below the resistance level with no clear signs of when it might test it, red signal bars were visible. At the time of publication, capital inflows were increasing, as evidenced by an increase in the Chaikin Money Flow. Buyers of BNBs may view the price consolidation as an opportunity to enter the market.
Bollinger Bands remained parallel in response to price fluctuations, with no clear signs of convergence or divergence indicating that prices could hover within a narrow range.
At press time, LTC was trading in the green and on its way to testing its resistance level of $133. The alt was available for $127 at the time of writing, and it had increased by 5.4 percent in the previous week.
Bulls have been unable to push prices to new highs. For the past few days, LTC’s price has struggled to stay above the $127 mark. Trading volume increased by 25.04 percent, indicating that buyers flocked to the market at the time of publication.
The Relative Strength Index (RSI) increased, indicating increased buying pressure and demand for the coin. With increased demand and buying pressure, the coin may test the immediate resistance levels in the coming trading sessions.
The Average Directional Index indicated that market weakness persisted; the indicator was found between the 20 and 40-point range. In terms of market volatility, Bollinger Bands remained parallel, indicating that LTC is unlikely to trade outside of its current price range.