The cryptocurrency market today looked slightly optimistic as big players and the industry’s altcoins registered sharp daily gains on their charts.
Binance Coin seemed to be ready to test the resistance level of $290, along with welcoming capital inflows back into the market. ATOM flashed a bullish signal with a hike in buying pressure. Finally, VET pictured an uptrend in its price, but the same was also accompanied by the possibility of high market volatility.
Binance Coin [BNB]
Binance Coin moved up north overnight, registering a 6.6% hike in price. At press time, the alt was priced at $280.31 and with a sustained uptick in value, bullish momentum could take over soon. The key support and resistance levels for BNB at its press time price level were $260 and $290, respectively.
BNB has traded between the range of $290 and $269 with strong volatility over the last 24 hours. However, at press time, BNB was geared up to test the resistance level of $290. The Bollinger Bands were diverging too, a reading which meant that volatility was on the rise.
Capital inflows also shot up as the Chaikin Money Flow headed north before dipping slightly again. Alas, BNB’s recovery cannot be called substantial just yet. Hence, to say that the coin has already embarked on a bullish journey would be overstating it. The Average Directional Index was pictured below 40, implying a weakening trend.
ATOM, just like other altcoins, was also pushed to the downside owing to the incessant drop in price across the broader crypto-market. At press time, the altcoin was priced at $10.05, however, with its market capitalization hiking by 11.04% on the charts thanks to some recovery.
Buyers seemed to be gaining dominance over sellers in the market, as indicated by the Relative Strength Index, at the time of writing. As buyers came back into the market, demand increased and this could further push the price north. A bullish crossover was seen in the early hours of 21 July, with the MACD flashing bullish signals with its green histogram.
To support the aforementioned statement, the Awesome Oscillator also pictured green signal bars – A sign of bullish sentiments in the market.
VET’s price traversed below its $0.062 support level owing to the latest slump in the crypto-market. However, it rose up slightly overnight, securing a 6.5% hike in value. At press time, the price of VET stood at $0.061 with a market capitalization of 4.08 billion.
In case VET fails to hold on to the aforementioned hike, the crypto would breach through its support level of $0.580 and if the bulls regain strength, the key resistance levels to test would be $0.062 and $0.668.
The Parabolic SAR’s reading noted an uptrend in price as the dotted markers were observed below the candlesticks. VET could register a period of high volatility as the Squeeze Momentum Indicator flashed a squeeze release and a shorting opportunity.
Buyers’ pressure in the market regained lost strength with the uptrend in price as the Relative Strength Index pictured a northbound move. At the time of writing, however, the number of buyers had decreased faintly.