The cryptocurrency market took another blow as the collective market cap fell to $331 billion while Bitcoin’s dominance increased to 58.3%. Bitcoin and its peer altcoins now anticipate fresh rallies to recover the losses suffered in the latest market correction.
Ethereum [ETH]:
ETH registered a drop of 8.02% over the last 24-hours which drove its price to $345.02. At the time of writing, the coin held a market cap of $38.88 billion and a 24-hour trading volume of $19.631 billion.
The dotted markers of Parabolic SAR continued to support the ETH candlesticks from a further decline. The RSI, however, indicated a high sell pressure among the traders in the coin market which intensified as the coin broke crucial support of $353 following the latest pullback. If the coin fails to resume an uptrend, it could target another downside support at $315 while the overhead resistance stood at $388.8.
Binance Coin [BNB]:
Binance’s native token, Binance Coin has had a great run since early September. Following the latest pullback, BNB was down by 11.46% over the past 24-hours. At the time of writing, the coin’s value fell to $23.61 as it registered a market cap of $3.409 billion and a 24-hour trading volume of $682 million.
The red closing bars of Awesome Oscillator indicated a shift to bearish momentum. Chainlink Money Flow, however, aligned with the bulls as it stood well above the zero-line suggesting inflow of money into the BNB market.
If the bulls manage to score an upper hand, BNB could target its recently breached level of resistance at $31.17
Chainlink [LINK]:
Despite putting on an impressive rally at the beginning of August,’s price appeared to head downwards. Over the last 24-hours, LINK noted a decline of 7.37% leading its price to drop to $9.03 while recording a market cap of $3.15 billion and a 24-hour trading volume of $1.89 billion.
Signs of potential bullish revival weakened as evidenced by the signal line dominating MACD. Furthermore, Klinger Oscillator underwent yet another bearish crossover suggesting that bulls failed to aggressively defend the $10.64 support area. If this trend persists, LINK could drop to levels last seen in July and find support at $7.04 while its resistance level stood at $12.80.
