After weeks of consolidation, the major altcoins boomed overnight. With Elon Musk’s tweet giving the cryptocurrency market a big boost, Dogecoin gained 16% in the past 24 hours. This price rally resulted in Dogecoin being overbought for the first time in July.
Ethereum’s market capitalization rose, showing opportunities for high market volatility. Binance Coin showed significant signs of recovery as capital inflows rose, but it also flashed the likelihood of an imminent price breakout.
Ethereum is up 8.3% in the past 24 hours. The market capitalization rose by 7.19% due to the price increase. Ethereum’s trading volume saw a positive change as buyers flocked to the market in anticipation that prices could continue to rise. This change in sentiment came amid Amazon’s stance on the introduction of cryptocurrencies.
Bollinger bands Open at the time of writing, suggesting market volatility could be expected, prices could either fall or rise sharply. On the flip side, if ETH loses momentum, it could land back at the $ 2,160 level. Purchases increased as prices rose. The asset was overvalued and buying pressure pushed the coin into the overbought zone as shown in the picture Relative Strength Index.
The bullish signal could continue to help ETH challenge its immediate resistance level of $ 2390. At the time of going to press, the Old King was valued at $ 2,342. On the Ingenious oscillator, Green signal bars took precedence over red signal bars, indicating that the bulls were stronger in the market.
Binance Coin (BNB)
It’s been a very slow couple of weeks for Binance Coin as regulatory concerns made it harder for the coin to climb higher. After July 21, most of the altcoin market showed signs of recovery, but BNB’s rate of recovery has been calm by comparison.
Over the past 24 hours, however, the BNB has replicated the movement of other altcoins as it gained about 4.6% when prices were at $ 318 at press time. The BNB broke the robust price support level of $ 291 as it traded well above that level.
The strong recovery brought the bulls back into the race. At the time of writing, MACD showed green histograms indicating a bullish signal in the market. A price breakout still seemed possible as the Squeeze momentum indicator showed, the market entered a period of low volatility, but also with a squeeze presence.
Capital inflows remained stable and buyers returned to the market as the Chaikin money flow indicated an upward trend. Capital inflows were more relative to outflows at the time of this writing.
DOGE held up its bullish momentum quite well as it traded above its $ 0.19 floor. At the time of going to press, the meme currency was valued at $ 0.22, meaning the coin was up nearly 16% on the last day. It was a relief for DOGE as the coin has apparently canceled its sluggish price movement since the SNL event.
It is important to see whether the alt will manage to move around this price level in the next trading sessions. With the Parabolic SARs dotted lines below the candlesticks an uptrend could be expected.
DOGE passed the 70 mark on for the first time in July Relative Strength Index, straight into the overbought area. Demand for the coin skyrocketed as prices rose RSI was mapped in the overvalued and overbought area.
Chaikin money flow had shown a sharp increase in capital inflows at the beginning of July. The indicator fell again due to intraday losses. However, it was seeing a small increase at the time of writing, suggesting that capital inflows were stronger at the time of going to press.