Several altcoins such as Ethereum, Binance Coin as well as Chainlink witnessed a notable spike in their respective valuations. The global market cap rose to $412.5 billion after an increase of 4.52% over the last day. However, despite the generally bullish sentiment, not all the coins appear to be able to retain the rally.
Ethereum [ETH]:
Ethereum’s [ETH] stint above the $400-mark was rather shortlived, however, it was up by 4.89% over the last 24-hours. It was priced at $399.8 while registering a market cap of $45.30 billion and a 24-hours trading volume of $17.68 billion.
The green closing bars of Awesome Oscillator flipped bullish momentum after a week of treading in the red zone. After falling close to zero line, Chaikin Money Flow spiked following the bullish price action. This depicted an increasing inflow of capital into the coin market.
The coin found crucial support at $339-level as it targeted to breach the recently hit $474 resistance level.
Binance Coin [BNB]:
Binance Coin [BNB] rose by 2.47% over the past 24-hours pushing its price to $27.1 as it held a market cap of $3.91 billion and a 24-hour trading volume of $429 million
Despite the bullish phase, both Klinger Oscillator, as well as MACD, continued to demonstrate the prolonged bearishness in the coin’s valuation. Depicting that BCH could have topped out and the investors were now in anticipation of a sell-off.
The Binance Coin bears could now target a retracement to its nearest support level of $22.80.
Chainlink [LINK]:
Over the past 24-hours, Chainlink [LINK] noted a minor decline of 0.99% as it fell to $10.18. At the time of writing, the token recorded a market cap of $3.97 billion and a 24-hour trading volume of $1.69 billion.
The ongoing bullish price movement did little to flip the trend for LINK. This was evidenced by the dotted markers of Parabolic SAR aligned above the LINK price candles as it continued to resist a potential uptrend.
The RSI also slipped below the 50-median line depicting a rising sentiment of sell-pressure among the investors in the coin market.
If this persists, Chainlink could witness a drop to its support level of $8.77 while the resistance stood unbreached at $11.55.