Many market altcoins opened on July 6th with a bearish outlook. And yet, BNB finally climbed back above the $ 300 mark.
Bitcoin Cash and Litecoin market caps fell 9.11% and 9.06%, respectively. As Bitcoin Cash bounced back from its drop in prices, it showed a lot of downward momentum on the trading charts. Finally, at press time, Litecoin showed a decrease in buying pressure across the market.
Binance coin [BNB]
Binance Coin continued to move sideways, trying hard to break the USD 340 resistance level. The BNB’s next level of support remains at $ 254. The altcoin also rose 2.1% in 24 hours. Binance Coin showed some signs of recovery as it bounced back from the $ 254 support level and eventually traded above the $ 300 level.
For a while, bearish signals have been observed in trading indicators, with the Great oscillator take note of the same on July 5th. However, some bullish signs have also been seen in the wake of the recent price rally. Since crypto is still largely area-bound, Buying pressure eventually increased because capital inflows have increased like that in the past few days Chaikin money flow.
The Bollinger bands were parallel but with some convergence, which suggests that there will be no steep price movements in the next trading sessions.
Bitcoin cash [BCH]
BCH’s price action has been between the USD 475 and USD 555 levels since the last week of June. Like any other coin, the asset slumped due to broader market weakness and despite rallies, the token was still on the downside at press time. If the coin is supported by significant upside pressure, it can attempt to move above the USD 555 resistance. In the event of a further decline, the altcoin could soon rest at the support level of $ 475.
The Bollinger bands were approaching, with the likelihood of short-term sharp price movement being low. The Relative Strength Index stayed close to the neutral zone, but at the time of going to press there was a slight decrease in buying pressure.
A bearish crossover on July 5th marked the beginning of increasing bearish momentum, as shown by the red histogram on the MACD Indicator appeared to be expanding at the time of going to press.
At the time of writing, Litecoin was down 3.1% in 24 hours. The Alt has reversed the gains it posted over the past few days and if the coin doesn’t gain momentum it is only a matter of time before it hits the $ 130.24 support level again. If the asset moves north, it seemed likely that it could break its $ 148 resistance level as it had tried to test that level twice in the last week or so.
The Relative Strength Index saw a decline in the market’s purchasing power as the indicator fell towards its median line. That reading meant that sellers had increased at the time of going to press. The Chaikin money flow validates how the indicator observed a decrease in capital inflows versus outflows.
The price drop of Litecoin corresponded to this Parabolic SARs dotted lines above the candlesticks, a result suggesting that the digital asset was in a downward trend at the time of writing.
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