After a few weeks of consolidating and multiple pf breakout attempts, several altcoins took a beating. However, a major pullback was averted after the altcoin market resumed an uptrend. This coincided with Bitcoin’s dominance making a comeback as it currently stood at 57.8%. Following the drop, the collective market cap found to be at $348 billion.
Binance Coin [BNB]
BNB was down by 4.68% over the past 24-hours which drove the coin’s price to $27.34 as it held a market cap of $3.948 billion and a 24-hour trading volume of $1.075 billion. Despite the decline, BNB’s technicals aligned with the bulls. The green closing bars of Awesome Oscillator depicted a bullish momentum in the coin’s price.
Chaikin Money Flow was well above the zero-line indicating inflow of money into the coin market. If the positive trend persists, BNB could target its overhead resistance at $31.17 as its price fund support at $19.53.
In a short span of time, Polkadot has managed to grab the eyes of the community as it sprung to the leaderboard dominating the fifth position. However, following the latest altcoins, downward price action, DOT took a deep plunge but quickly recovered as it recorded a decline of a mere 0.33% over the past 24-hours. It was priced at $5.24 registering a market cap of $4.46 billion and a 24-hour trading volume of $1.011 billion.
The dotted markers of Parabolic SAR aligned below the candlesticks supported the coin’s downside breach in the short-term chart. Klinger Oscillator also appeared to be on the verge of a bullish crossover depicting a rising positive sentiment among the traders in the coin market.
Should the bulls gain momentum, DOT could climb to its immediate resistance of $5.82.
Chainlink turned down from its resistance as the latest dip propelled the token to record a 6.61% loss over the last 24-hours. The coin stood at a price of $11.20 with a market cap of $3.92 billion and a 24-hour trading volume of $1.49 billion.
RSI was well below the 50-median line depicting a sentiment of high selling pressure among the traders in the coin market. The MACD was also dominated by the signal line further suggesting the rising bearish pressure. This was indicative of the fact that bears have an upper hand, at the time of writing. If the bulls fail to push the price higher, closer to the overhead target point of $12.80, LINK could turn down to its support level of $9.68.