Thanks to Bitcoin’s drop from over $58,000 to under $50,000 a few days ago, the price-performance across the altcoin market has been strikingly similar. The likes of Binance Coin, STEEM, and VeChain all followed suit as the world’s largest cryptocurrency dipped on the charts, with each of them looking to tag along with Bitcoin’s recovery, at press time.
Binance Coin [BNB]
Source: BNB/USD on TradingView
Binance Coin, the popular exchange token, has had a good 2021, with BNB surprising almost everyone with the scale of its surge on the price charts. Consider this – In early February, the token was valued at just over $50. At the time of writing, however, BNB was valued at over $250.
Here, it’s worth noting that BNB’s press time value was some way away from its ATH of $339 on the charts, with the crypto touching the level less than a week ago. Like most alts, however, BNB too was a victim of corrections after Bitcoin depreciated.
Binance Coin’s technical indicators, however, continued to underline its bullishness. While the Parabolic SAR’s dotted markers were under the price candles, the Relative Strength Index was holding steady to the overbought zone.
Binance Coin’s recent surges have been so significant that at press time, BNB was the third-largest cryptocurrency by market cap, having overtaken the likes of Tether, Cardano, and Polkadot.
STEEM
Source: STEEM/USD on TradingView
STEEM has fallen down CoinMarketCap’s rankings charts over the past few months, with the crypto still yet to overcome the long-term impact of the Hive hard fork, according to some. That being said, like most alts in the market, the first few weeks of the month did see STEEM hike on the charts, with the crypto touching levels last seen in 2019.
Following Bitcoin’s fall below $50,000, STEEM fell too, with the crypto losing over 34% of its value.
While the mouth of the Bollinger Bands was wide and pointed to some degree of price volatility, the MACD line was dipping under the Signal line to highlight the bearishness in the market.
VeChain [VET]
Source: VET/USD on TradingView
VeChain, the cryptocurrency ranked 31st on CoinMarketCap’s rankings, has enjoyed a more gradual climb up the charts over the past few months, especially when compared to its competitor coins. Like them, however, VET was quick to fall when Bitcoin fell, with the crypto losing over 20% of its value in a matter of days.
At the time of writing, however, some recovery was underway for VET, with its price charts registering a small green candle in the last 36 hours.
The same was evidenced by VET’s technical indicators as the Chaikin Money Flow was holding steady above zero to underline the strength of the capital inflows, the Awesome Oscillator was picturing a loss in bearish momentum.
