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Bitcoin, Binance Coin, Chainlink Price Analysis: 05 May

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With Ethereum surging to hit a new ATH above $3,500 recently, it would seem that the altseason is in full flow. Such an argument, in fact, can be bolstered by the fact that other cryptos such as Chainlink have hiked dramatically too. However, such price actions weren’t common to all cryptos, with Bitcoin’s failure to sustain recovery having an effect on the likes of Binance Coin.

Bitcoin [BTC]

Source: BTC/USD on TradingView

Bitcoin, the world’s largest cryptocurrency, is yet to recover from the massive depreciation it noted back in mid-April, a depreciation that pulled the crypto down from near $65k to $50k. While BTC has since recovered, the said recovery isn’t yet complete by any means. In fact, over the last few trading sessions, corrections seemed to have set in again, with the crypto trading at $54,621 at press time.

The lack of a sustained trend in the Bitcoin market was evidenced by the crypto’s technical indicators. While the Parabolic SAR’s dotted markers had just switched to position themselves above the price candles, the Awesome Oscillator’s histogram was below the half-line, underlining the lack of momentum present.

Despite its recent price ambivalence, however, bullish optimism remains high, especially since the crypto was recording YTD returns of 85% at press time.

What’s more, while BTC might have corrected over the past few days, the last 72 hours also saw the biggest uptick in whale addresses since 31 March.

Binance Coin [BNB]

Source: BNB/USD on TradingView

Binance Coin, the crypto-market’s premier exchange token, has been hiking on the price charts since the month of February, with its pace gathering a lot of steam last month. In fact, such was the scale of BNB’s growth that the crypto kept hitting new ATHs in the first half of April. While market corrections did come in later, BNB soon recovered to hike again.

Over the past few days, however, thanks to BTC’s inability to commit to a trend, BNB’s uptrend had ground to a halt on the charts, with minor corrections coming in as well.

While Bollinger Bands continued to diverge to point to a degree of price volatility, MACD line was closing in on a bearish crossover with the Signal line. A sustained breach of the same could be a sign of a near-term trend reversal.

While a recent analysis had predicted that BNB might push past the $720-mark if the $640-level fell, that didn’t happen as the asset chose to follow a southbound trajectory instead.

Chainlink [LINK]

Source: LINK/USD on TradingView

After a period of tight trading in the month of March, April and May have seen the alt climb on the charts once again, with LINK finally breaching the much-anticipated $50-level a few hours ago. The said breach, in fact, came on the back of a weekly hike of 40%. With on-chain metrics flashing bullish signals, more upside can be expected from the alt in the short term.

While Chaikin Money Flow was holding steady above 0.20 and pointed to the strength of capital inflows, Relative Strength Index was climbing towards the overbought zone, closing in on levels unseen since February.

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Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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