The cryptocurrency market has seen strong upward momentum in the past few days. As the price of Bitcoin hits an all-time high, other altcoins in the market have also seen highs in price. At the time of writing, BTC was trading at $ 57,360 with a 24-hour trading volume of $ 60.4 billion.
Binance coin [BNB] was one of those altcoin markets that not only hit an all-time high, but also climbed to third place on the CoinMarketCap crypto list due to its market capitalization.
Binance coin [BNB]
Binance Coin’s chart above shows that the digital asset is currently trading at $ 296.97, near its high of $ 368. Altcoin’s value had risen tremendously in the past few days. It surpassed the resistance seen in the market and eventually peaked.
However, the value has fallen and has since moved sideways.
This retracement is visible through the stochastic RSI, which stayed in the overbought zone until the BNB peaked. Once the price fell, the digital asset fell below 70, indicating that sellers in the market were increasing.
Similarly, the MACD indicator, which was still bullish, was about to see a trend change. The MACD line stayed above the signal line, indicating the extreme upward movement of the market. However, as the sell-off increased, the asset moved in the direction of a minor correction.
Tron [TRX] found that the market is becoming volatile. The price of the digital asset was currently trading between $ 0.0633 and $ 0.0581. This sideways momentum appeared to have sustained the market’s bullish move as the signal line stayed below the candlesticks.
However, the Bollinger Bands remained diverging, suggesting that price could still fluctuate given the volatility of the market. Even if the price swings lower, the support has been offered at $ 0.581, and if the price swings up, the resistance at $ 0.0633 needs to be retested.
Meanwhile, the Relative Strength Index found that TRX had risen near the overbought zone, but the buyers have not yet fully taken over.
FTX token [FTT]
Financial transaction tax was previously limited to a short range of $ 19 and $ 21. However, as the altcoin market followed Bitcoin’s lead, the FTT price also saw tremendous growth. Its value rose to over $ 40 and was retraced like the market trend.
With the price hovering between $ 35.56 and $ 32.04, the market is saturated with buyers. The Relative Strength Index highlighted that FTT entered and stayed in the overbought zone a few days ago. Despite the consolidation, buyers have still kept the price above $ 32.
However, a small correction could be nearing the market. The MACD indicator is on the verge of a bearish crossover. This could mean that a trend change is underway.
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