Thanks to its overwhelming market dominance, the price performance of Bitcoin often has a strong impact on the rest of the market’s altcoins. However, such impact is never uniform or consistent, with the same evident over the past few hours as well. While quite a few alts seemed to be recovering somewhat at press time, BTC was yet to note an uptrend of any significance after its fall below $60,000.
Binance Coin [BNB]
Binance Coin, the world’s biggest exchange token, has surged dramatically over the past few months, with the same pushing BNB up CoinMarketCap’s rankings too. In fact, so exponential has been its hike lately that BNB has often shrugged off the general market’s bearishness. This was the case in the last few days as well, with BNB climbing by over 36% in a matter of days as soon as the corrections abated.
In doing so, BNB’s price action was very contrary to the ones noted by other alts, with the latter registering way more inconsistency in recent trading hours.
The scale of the bullishness in Binance Coin’s market was highlighted by the findings of its technical indicators. While Parabolic SAR’S dotted markers were under the price candles, Awesome Oscillator’s histogram noted an uptick in momentum after the same had dipped below the half-line.
With the on-chain metrics expecting BNB’s rally to be a long one, it could also be a good time to buy the token.
UNI, the crypto-market’s leading DeFi coin, has had a topsy-turvy April. While the first week of the month saw the altcoin trade strictly within a tight price band, the last week or so has seen quite a lot of volatility. UNI too was affected by the Bitcoin-led corrections that swept in a few days ago. At the time of writing, however, some recovery was in order, with the alt climbing by 10% in a matter of hours.
While the mouth of Bollinger Bands was closing in to suggest that some volatility was incoming, Chaikin Money Flow was close to 0.10 and underlined the strength of capital inflows in the market.
UNI’s press time price seemed to invalidate the findings of a previous analysis which suggested that UNI could fall further if the $27-support falls.
Ranked 15th on CoinMarketCap’s charts, THETA faced a very dramatic price correction on the charts after BTC fell below the $60,000-level. Since then, while some recovery efforts have been made, the alt was still well away from its local top on the charts, at press time. What’s more, THETA’s recent price action has been very contrary to the movement it noted in the latter half of March.
Some bullishness was seeping in, however. While Bollinger Bands were closing in to point to a fall in price volatility, the MACD line was climbing above the Signal line.
Polkadot [DOT] hit its ATH of over $47 only a few days ago. Since then, however, corrections have significantly hit the market’s value, with the crypto priced at just over $34 on the price charts. While the alt did hike by over 9% in the last few hours, at press time, it seemed unclear whether this would amount to a trend reversal since the last price candle was flashing bearish signals.
In fact, DOT’s indicators would suggest that such a reversal was unlikely to happen since while the dotted markers of Parabolic SAR were over the price candles, Chaikin Money Flow was well under zero to highlight the strength of capital outflows in the market.
A previous analysis had predicted the selling pressure that was evident in the Polkadot market at press time.