Binance Coin, Litecoin, Chainlink Price Analysis: 24 June
The cumulative market volume of cryptocurrencies dropped over the last 24 hours, with the same falling by 42.47%. While Bitcoin’s prices were hovering around the $33,000-mark at press time, the altcoins’ fortunes were mostly mixed, with some making small recoveries while others still traded in the red.
Binance Coin, Litecoin, and Chainlink had registered monthly lows previously and were in recovery mode, at the time of writing.
Binance Coin [BNB]
BNB was trading at $291.36, at the time of writing. After a steady decline from $344 to $264, it climbed up to $308 yesterday, before falling once again.
A couple of days ago, BNB was at its monthly low of $225, a flashback from nearly a month ago. But post its recovery, it did not dip below $280.
The Awesome Oscillator pictured a bullish trend creeping up the charts. The Parabolic SAR also concurred, underlining a bullish trend too. Finally, the Bollinger Bands had started to converge on the charts, indicating that volatility was low and that there will no sharp price movements in the near term.
Litecoin established itself at a lower price range, dipping below $132 on the charts. On 22 June, the coin had dipped to $119, its lowest price level since 23 May.
After dropping by 20.8 percent in the last 7 days, there were signs that the crypto was making smaller gains in the last 24 hours as LTC was up 0.7 percent in 24 hours. It’s worth noting, however, that the press time support range was lower than the previous range at $131.
On the 4-hour chart, the Stochastic RSI was above 80 and pointed to a possible pullback in the price. The Average Directional Indicator pictured the existence of a strong trend, one which may weaken and the market may become less directional going forward.
The Chaikin Money Flow positioned itself below the zero-line after touching the neutral zone previously, a sign of capital outflows still being greater than capital inflows.
Litecoin was among the 5 coins listed on Coinbase Japan when the exchange was recently approved to provide crypto-exchange services by Japan’s Financial Services Agency.
LINK was trading at $18.3 and was down by 2.7 percent in 24 hours, at press time. Its trading volume was worth $1 billion, with the same having fallen by 58.17 percent since yesterday.
LINK’s price has been consolidating between the support of $17 and the resistance of $19 since 21 June. Like other altcoins in the market, LINK too visited its monthly low at the lower price range of $15, once again after 24 May.
The Relative Strength Index was moving up on the charts and pointed to growing buying pressure. The MACD and Signal lines pictured a bullish crossover. Finally, the Parabolic SAR’s markers were below the candlesticks and pictured a bullish trend. Ergo, soon the price may see more northbound movement.
In a recent development, Glitch Finance, a DeFi blockchain company, announced it will be “integrating Chainlink Price Feeds as the preferred oracle solution for the Glitch Network to accelerate the development of fully interoperable decentralized finance (DeFi) applications and secure our decentralized governance model.”