Bitcoin [BTC] and the rest of the cryptocurrency market staged a minor uptick after back-to-back southbound price action. At $1.35 trillion market cap, the coins were still stuck in the incessant consolidation range where bears sold at minor rallies. Altcoins such as Binance Coin [BNB], Bitcoin Cash [BCH], and Litecoin [LTC] suffered a similar fate.
Binance Coin [BNB]: volatility squeezes
Binance Coin [BNB] bulls have continued to buy on dips that resulted in its weekly losses dropped to 7.12%. Over the past 24-hours, BNB surged by a mere 0.12% and was priced at $311.5. The fourth-largest crypto-asset recorded a market cap of $47.9 billion and a 24-hour trading volume of $1.60 billion, at the time of writing.
The squeeze in Bollinger Bands depicted a period of stagnancy in the market despite a breather. The low volume could also impede the necessary growth in BNB’s price. Additionally, the Awesome Oscillator’s [AO] slowly decreasing green bars could signal a bearish flip.
The bears might try to sink the price of the crypto-asset. In such a scenario, Binance Coin might test its nearest support of $262. If the bulls fail to defend this level, the asset risks a fall to $210-level. On the other hand, BNB’s resistance levels were at $380, $426, and $597 respectively.
Bitcoin Cash [BCH]: sell pressure intensifies
Once a top-10 asset, Bitcoin Cash has slipped to the 12th position on the leaderboard. Its 24-hour losses declined to 0.12% and was currently valued at $471.8. BCH’s market cap stood at $8.95 billion and recorded a 24-hour trading volume of $1.32 billion.
The Chaikin Money Flow [CMF] slipped below the half-line as capital outflows in the BCH market increased. Despite the uptick in the broader crypto market, the Klinger Oscillator [KO] was on the brink of a bearish crossover after almost three weeks. The MACD depicted a similar trend as well further indicating the fall in buying pressure.
The entry of the bulls has had no effect on Bitcoin Cash [BCH]. This implied that the fork coin’s downtrend is not over yet and support areas of $441 and $379 could come into play. While a reversal seems highly unlikely, BCH would first need to breach the upper ceiling of $527 to target previous highs of $723, and $1100.
Litecoin [LTC]: no recovery hints in sight
Litecoin is yet another crypto-asset whose stay among the top-10 list was cut short by the entry of newer tokens in the market. Over the past day, it was still down by 2.36% and exchanged hands at $130.16. The digital asset registered a market cap of $8.78 billion and a 24-hour trading volume of $1.53 billion.
The dotted markers of the Parabolic SAR have remained unfazed by the recent fall and were aligned below the LTC price candles. the OBV, on the other hand, depicted a lack of volume in the market. The RSI also turned its back from the 50-median line closely mimicking the price action of the asset and suggesting a rise in selling pressure.
The above chart indicates a phase of bearishness negating any upside potential. Hence, Litecoin could now target support areas of $120, and $102. Its resistance areas stood at $156, $211, and $308 respectively.