Binance Coin, Ethereum Classic, Dogecoin Price Analysis: 09 April
While the first few days of April did see Bitcoin, the world’s largest cryptocurrency, climb up the charts, the last few days have seen BTC resort to sideways movement following its failure to breach the $60k-mark. However, contrary to what is usually the norm, the rest of the altcoin market didn’t exactly follow suit, with the likes of Binance Coin and Ethereum Classic being perfect examples.
Binance Coin [BNB]
It has been a good year for Binance Coin, the world’s biggest exchange token. While the altcoin had reined in its bullish momentum towards the latter half of March, April has seen BNB hike again, with the crypto touching an ATH of $420.23 less than 24 hours ago.
In fact, the scale of the said hike has itself been exponential, with the alt surging by over 30% in less than a week. At press time, BNB looked unlikely to register any corrections of note in the near term.
Further, according to a previous analysis, if BNB’s transfer count remains above average for the rest of the week, more upside could be here soon.
The aforementioned bullishness in the market was evidenced by the findings of the crypto’s technical indicators while the Parabolic SAR’s dotted markers were well under the price candles, the MACD line was well above the Signal line.
Ethereum Classic [ETC]
2021 has seen Ethereum Classic appreciate significantly on the charts too, with the same gaining a lot of pace in the month of April. As highlighted, the movement of alts such as ETC has come as a surprise to many, especially since Bitcoin itself has been somewhat stagnant below $60,000 for most of the month.
At the time of writing, while some insignificant corrections seemed to be underway, they came on the back of a 45% hike.
ETC’s indicators were understandably bullish. While the mouth of the Bollinger Bands was opening up to point to some incoming price volatility, the Chaikin Money Flow was holding steady near 0.20.
The altcoin was in the news recently after Crystal Blockchain revealed that it has added ETC to its list of supported cryptocurrencies.
The crypto-market’s most popular meme coin, Dogecoin’s movements have been very contrary to those noted by fellow alts BNB and ETC. In fact, since the astronomical 998% price surge between February and March, DOGE has remained fairly steady, with the alt trading within a tight channel for a month now.
Trade volumes for the altcoin haven’t hit March levels yet, with its indicators flashing a mix of bullish-neutral signals. While the Relative Strength Index was holding steady near the overbought zone, the Awesome Oscillator pictured a decent uptick in bullish momentum thanks to recent gains.
It’s worth noting, however, that a recent analysis suggests that a price rally might be incoming soon for DOGE.