The cryptocurrency market has seen strong bullish momentum over the past two days. As the price of Bitcoin hits an all-time high, other altcoins in the market have also seen price spikes. At the time of writing this article, BTC was trading at $ 57,360 with a 24-hour trading volume of $ 60.4 billion.
Binance Coin [BNB] was one of those altcoin markets that not only hit an all-time high, but its market capitalization also increased taking it to number three on the CoinMarketCap crypto list.
Binance Coin [BNB]
The chart above from Binance Coin indicated that the digital asset is currently trading at $ 296.97, near its high at $ 368. Over the past two days, the value of altcoin had increased significantly. It broke through resistances visible in the market and finally peaked.
However, the value retraced and has been moving sideways since.
This retracement can be seen through the Stochastic RSI which had remained in the overbought zone until BNB peaked. Once the price fell, the digital asset fell below the 70s indicating that sellers in the market were on the rise.
Likewise, the still bullish MACD indicator was about to experience a trend change. The MACD line remained above the signal line, noting the extreme optimism in the market, but as the sell-off increased the asset was heading for a minor correction.
Tron [TRX] noted the market volatility. The price of the digital asset was currently trading between $ 0.0633 and $ 0.0581. This sideways momentum appears to have maintained the market’s bullish trend as the signal line remained below the candlesticks.
However, Bollinger Bands remained divergent which suggested that the price could move further given the volatility in the market. Even if the price flips, there was support offered at $ 0.581, and if the price moves higher, it will need to re-test the resistance at $ 0.0633.
Meanwhile, the Relative Strength Index noted that TRX had climbed near the overbought zone, but buyers have yet to fully take over.
FTX Token [FTT]
The TTF was previously limited to a short range of $ 19 and $ 21. However, as the altcoin market followed Bitcoin’s lead, the price of FTT has also seen tremendous growth. Its value climbed above $ 40 and, like the common trend seen in the market, returned.
As the price moved between $ 35.56 and $ 32.04, the market became saturated with buyers. The Relative Strength Index highlighted that the TTF entered the overbought zone a few days ago and has stayed there. Despite the consolidation, buyers have consistently held the price above $ 32.
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