The color red was painted across the crypto market during the time of writing. With most of the coins recording critical dips, just two altcoins in the top ten were seen experiencing an increase in its price. The overall market cap of the crypto-verse followed suit as it was dropping by 1.78% pushing it down to $342.82 billion. The comprehensive sentiment of the entire industry seemed to be on the lower side as Bitcoin’s dominance was also down at 57%.
Binance Coin [BNB]
Climbing back to the top on the crypto ladder, BNB was noted as the sixth largest coin with a market cap of $3.94 billion. The price of the native currency of Malta’s Binance exchange was increasing at press time by 2.38%. BNB was trading at $27.29, while almost every other coin was recording a dip.
The short term price chart of BNB revealed an optimistic sentiment. The Relative Strength Index [RSI] highlighted a buyers’ market as the RSI marker was at a high of 65.06 median. This sentiment seemed to have prolonged its stay in the BNB market and had even hit the overbought zone recently. The Chaikin Money Flow [CMF] was also exhibiting bullish fervor as the CMF marker was above zero.
After being defeated by Bitcoin Cash and Binance Coin, DOT dropped down to the seventh position with a market cap of $3.86 billion. Despite this setback, the coin continued catching eyes with its daily price change. At the time of writing, the coin was trading at $4.54 with a 5.02% increase in its price over the last 24-hours.
DOT’s daily price change left the community hoping for an uptrend. However, key indicators were singing another story. The Klinger Oscillator had recently undergone a bearish crossover and did not look like it was heading for a bearish crossover any time soon. The MACD indicator also followed suit with a bearish crossover as the signal line was seen above the MACD line.
Cardano managed to keep its position intact in the top ten as its market cap didn’t fall below $3.13. However, the price of the altcoin was seen dropping. At the time of writing, ADA was trading at $0.1006 with a 3.13% decrease over the last 24-hours.
While the ADA market was seen enduring a plummet, the indicators were suggesting a positive tone in the market. The Parabolic SAR indicator had previously formed dotted lines above the candlesticks indicating bearish momentum. However, at the time of writing, a new set of dotted lines were seen birthing below the candlesticks restricting the possibility of a downward breakout. With the formation of green closing lines, the Awesome Oscillator revealed the presence of bulls in the market.