Why alts like Binance Coin, Pancake Swap, CELO and Monero are standing out this week
Several altcoin rallies have offered double-digit returns to traders this bull season. The altcoins that were least expected to rally have offered high returns like Binance Coin [BNB], Pancake Swap [CAKE], CELO and Monero [XMR]. Since the weekend, these altcoins have consistently rallied. Though top altcoins like XRP, ADA, and DOT are leading the way. The sentiment of retail traders has changed, with the rally and the recovery.
Binance coin’s come back to $586 after dropping to below $500 level in the past two days signals significant growth and bullish strength. Post the drop below $500, to $476, there was increased selling pressure; however the demand on exchanges supported the price and the comeback above $500.
This range being an important psychological level, more demand is emerging for BNB. There are 78% sellers on exchanges but the altcoin is resisting further price correction, owing to consistent demand. The sharp decline in price was a result of a marketwide bloodbath and a drop in investment inflow. Overleveraged trades have had a negative impact on traders’ portfolios. This comeback is a sign of recovery.
CAKE’s trade volume has increased over 350% in the past 24 hours, the rapidly increasing trade volume is contributing to the price rally. The fully diluted market capitalization is up over 26%. CAKE hit a new ATH less than a few hours ago and the price is within 5% range of the ATH.
CAKE is now trading at the $27 level and continues to remain undervalued. CELO’s price is up over 50%, and the rally is similar to that of CAKE. CELO’s trade volume is rising faster. At the current price level, the asset is overvalued and likely to face a price correction within the next two days. However, at $6.70, the price has gained over 50%.
Similar price action was observed in XMR. The price is up over 15% and XMR is trading at the $392 level. The ongoing rally is anticipated to be a long one. XMR’s price is less than 21% away from its ATH. The price rally that started on April 18, 2021 has led the price to the current level and more traders are accumulating.
XMR is resisting sell-off like most top altcoins and offered double-digit returns in the short term. These altcoins are expected to rally until the end of the week before Bitcoin enters price discovery mode.