It’s been a good few days for the market’s leading cryptocurrencies. Not only did Bitcoin, the world’s largest cryptocurrency, break out of its previous rangebound pattern, but Ethereum too has been registering new ATHs on the price charts. BTC and ETH’s performances had a ripple effect on the larger altcoin market, with cryptos like Binance Coin, IOTA, and Enjin emerging to be strong beneficiaries.
Binance Coin [BNB]
Binance Coin, the token native to arguably the world’s biggest crypto-exchange, has been one of the market’s strongest performers over the past week. Not only did BNB surge by over 27% on the charts, but the crypto also hit a new ATH, with the general bullishness in the market projecting greater heights in the near term.
Here, it should be noted that BNB’s recent surges have been accompanied by sharp upticks in its trading volume.
BNB’s technical indicators highlighted the bullish momentum in the market as the MACD line was surging over the Signal line, the Parabolic SAR’s dotted markers were well below the price candles.
The exchange was in the news recently after it announced the launch of Binance Pay, a system CZ said aims to promote the use of crypto, over simply holding it.
IOTA, the cryptocurrency ranked 39th on the charts, has fallen dramatically on the rankings over the past 12 months, with the crypto’s market cap being overtaken by the likes of Maker, VeChain, Tezos, and Chainlink, among others. The last 7 days, however, saw the crypto register a degree of bullish momentum, with IOTA climbing by over 16%. The said hike followed a significant retracement by IOTA after it hit a local top on the price charts.
It should be noted, however, that at press time, the latest price candle for IOTA was flashing red.
While the mouth of the Bollinger Bands was wide and pointed to some degree of near-term volatility, the Awesome Oscillator was starting to register an uptick in positive momentum.
The IOTA Foundation recently signed multiple partnerships to revolutionize real estate in South Asia and Europe with the use of Smart City technology.
Unlike Binance Coin and IOTA, Enjin’s price fortunes haven’t improved significantly over the past week. While ENJ did recover and surged by over 10% after a sharp fall on the charts, the crypto, at the time of writing, was trading at a level well below its short-term top. It should also be noted that the altcoin’s latest movements haven’t been accompanied by higher trade volumes.
Despite the said hike, ENJ’s technical indicators remained fairly ambivalent. While the Chaikin Money Flow was holding steady just above zero, the Relative Strength Index was mediating between the oversold and overbought zones. Taken together, it opened the door for a trend reversal in the near-term.