During the past week, many altcoins seemed to have posted substantial gains. Popular altcoins like Binance Coin, IOTA, and Cosmos all surged in terms of their trading price registering a hike up to 30 percent.
Binance Coin [BNB]
Source: BNB/USD, TradingView
Binance Coin currently occupies 9th spot of CoinMarketCap’s list with a market capitalization of $2.5 billion. According to the daily charts, the price of BNB registered a hike of 11 percent in the past week. At press time, BNB is being traded at $16.4 and has a 24-hour trading volume of $176 million. If the price were to continue to rise, it is likely to be met with resistance around the $18 mark. However, for the coin there is also a strong support at $15.2.
The MACD indicator for the coin has undergone a bullish crossover and signal increased bullish sentiment for the coin. The RSI indicator echoes a similar sentiment as it now heads towards the overbought zone.
IOTA
Source: IOTA/USD, TradingView
IOTA has also been an altcoin that has benefitted quite substantially in the past week in terms of its price. At press time IOTA is being traded at $0.241 after having surged by over 25 percent since the closing days of the previous month. For the coin, the next strong point of resistance is at $0.28 and has a strong support at $0.22.
The EMA ribbons have settled below IOTA’s present trading price and are likely to offer support. The RSI indicator is now making a reversal and heading from the overbought zone towards the neutral zone. According to a recent blog post by the IOTA Foundation, IOTA has entered the first phase for upgrading the network to IOTA 2.0 enabling users to download the new Pollen release in the first fully decentralized IOTA test network.
Cosmos [ATOM]
Source: ATOM/USD, TradingView
Similar to IOTA’s price action, Cosmos also saw its price surge dramatically in the past week. At press time the coin has a trading value of $3.16 after having witnessed a strong surge of over 30 percent. If the uptrend sustains, Cosmos is soon likely to test the support at $4.05. However, if the bearish pressure were to take over, Cosmos may have to rely on the supports at $2.4 and $1.8.
The Bollinger Bands are starting to expand marginally and may imply a slight increase in volatility for the coin. The RSI indicator on the other hand is now well-positioned in the overbought zone. A few days back Cosmos along with blockchain companies Polkadot, and Terra revealed a new DeFi savings product called Anchor in a bid to offer dependable interest rates on stablecoin deposits.