At the time of writing, Bitcoin, the world’s largest cryptocurrency, was trading right under the $60k-mark, just as it has for most of the last 48 hours. However, contrary to what is usually expected, quite a few altcoins seemed to be bucking the prevailing trend to surge up the charts independently. This was the case at press time, with the likes of BNB and ELGD both noting sharp uptrends.
Binance Coin [BNB]
Source: BNB/USD on TradingView
Binance Coin, the token native to arguably the world’s biggest crypto-exchange, has been one of the most surprising entries to the market top-5 this year, with the alt surging up the charts over the past few months. While mid-March did see BNB revert to its previous consolidatory pattern on the charts, the last 10 days or so have seen BNB regain its form. The last 3 days alone, for instance, saw the crypto hike by over 12%, before some corrections eventually set in.
That being said, it is difficult to ascertain whether BNB will be able to keep up its uptrend, especially without significant movement in BTC’s market. While the Parabolic SAR’s dotted markers were well placed below the price candles, the MACD line registered a bearish crossover with the Signal line.
What’s more, BNB’s recent movements have been accompanied by very weak trading volumes.
If corrections continue to plague the BNB market, the value of the digital asset might indeed be pushed down to $317, as predicted by recent analysis.
Elrond [EGLD]
Source: EGLD/USD on TradingView
Elrond, the cryptocurrency ranked 42nd on CoinMarketCap’s charts at press time, like BNB before it, has recovered exponentially since the market-wide depreciation on the 25th of March. In fact, in the last 3 days alone, the altcoin surged by over 23.5% on the charts. At the time of writing, however, it was difficult to see if EGLD will be able to sustain its market momentum and breach its ATH of $214 in the near term.
At the moment though, EGLD’s technical indicators were all flashing bullish signals. While the mouth of the Bollinger Bands was diverging to suggest a greater degree of price volatility in the short-term, the Chaikin Money Flow noted a reading of 0.20.
Here, it’s worth noting that Elrond’s integration with Polkamarkets may have also contributed to the spike in EGLD’s volumes and value.
Hedera Hashgraph [HBAR]
Source: HBAR/USD on TradingView
Hedera Hashgraph’s price action was very different from the one noted by the likes of Binance Coin and Elrond. While the latter two surged on the charts over the past few days, that hasn’t been the case for HBAR, with the altcoin continuing to depreciate gradually. In fact, HBAR was down by over 14% since the 30th of March.
In many ways, HBAR’s latest price movement was very different to the one noted by the altcoin towards the end of March.
However, that might change soon, with a few of the alt’s indicators showing signs of switching in the near term. While the MACD line went past the Signal line following a bullish crossover, the Awesome Oscillator’s histogram was ambivalent about the nature of its market momentum.
