Binance Coin, BitTorrent, OmiseGo surge by over 12 percent; new beginnings?
For the past few days, altcoins have been improving their price action, with many ending up posting gains against their price. While this could be a much-needed turnaround for the altcoin market after having faced a tough 2020, coins such as Binance Coin, BitTorrent, and OmiseGo have all increased in price since the start of the week. But, for how long this momentum will last, only time will tell.
Binance Coin [BNB]
Binance Coin, the cryptocurrency of one of the word’s largest crypto-exchanges, Binance, now finds itself amongst the top-10 cryptos, according to market cap. In the past 24 hours alone, the coin managed to surge by close to 4 percent. At press time, BNB was being traded at $12.8 and since the start of the week, saw its price rise by over 15 percent.
If the bullish momentum continues, BNB will be well-positioned to try and breach the resistance at $13.5. The support at $11.9 has been tested in the recent past and it has provided much-needed support, stopping the price from falling further. There is also another strong support at $10.8 if the coin were to breach the first support. According to the MACD indicator, a bullish crossover was likely to see the price rise in the near-term The RSI indicator was also showing bullish sentiment as it moved towards the overbought zone.
The BitTorrent Private ledger recently recorded 7.2 million simultaneous connections on its network. BTT, at press time, was valued at $0.000227, which was a 12 percent increase in comparison to the price of the coin at the start of the week. However, BTT had very little trading activity happening as the candles were close to non-existent. If the price were to drop, there is support for BTT at $0.00019 and if the surge continues, it is likely that the price will face resistance at $0.00026.
As per the MACD indicator, the bullish sentiment continued after the occurrence of the bullish crossover a week ago. The CMF indicator just below the neutral zone at 0 leaned towards greater selling pressure as well.
After a staggering price drop last month, the price of OMG has been moving steadily sideways. Since the start of the year, OMG registered a 15.6 percent price rise and was, at press time, being traded at $0.53. OmiseGo had a market cap of $75 million and $137 million-worth 24-hour trading volume. There were two strong supports for the coin at $0.49 and $0.46. If the bulls continue to exert their sway over OMG, the coin may soon reach the resistance point at $0.57.
According to the Bollinger Bands, the price action of OMG was not likely to see high volatility and the moving average was starting to support the price. The RSI indicator was close to the overbought zone, but was moving towards the oversold zone.