Decred, Binance Coin, Tezos Price Analysis: 01 August
As is often the case, Bitcoin’s latest price hike had a profound effect on the rest of the crypto-market, with many altcoins following BTC’s lead and recording gains of their own. At press time, BTC was priced at $11,639 with a 24-hour trading volume of $25.4 billion.
However, the impact of the world’s largest cryptocurrency wasn’t uniform or even universal, with quite a few alts reacting differently to the price movements of the market’s most-dominant cryptocurrency.
The cryptocurrency ranked 13th on CoinMarketCap’s charts, Tezos [XTZ] has had a good 2020, with XTZ noting substantial gains over the past few months. In fact, Tezos was one of the cryptos leading the incoming altseason charge in the first week of July after it recorded impressive gains on its charts.
However, this wasn’t to last as Tezos soon hit a local top before corrections took over. In fact, before Bitcoin’s price surge pushed XTZ up by 4%, XTZ’s corrections had depreciated its value by almost 13%.
The last few green candles weren’t enough to trigger a trend reversal on the charts, however, as while the Parabolic SAR’s dotted markers were well above the price candles and implied market bearishness, the MACD line was well under the Signal line.
A series of developments have punctuated Tezos’s growth over the last six months or so, with the most recent one being BitGo announcing custody and staking support for Tezos.
Binance Coin [BNB]
Binance Coin, the crypto native to one of the world’s biggest crypto-exchanges, was one of many altcoins to appreciate in the month of July. However, unlike Tezos, BNB’s price hike has continued on the charts, with no sustained corrections of note seen since the uptrend began. In fact, BNB was up by over 10% on the charts on the back of Bitcoin’s own appreciation.
At the time of writing, the mouth of the Bollinger Bands was widening to imply that some degree of price volatility was incoming. However, contrary to what BNB’s price charts would suggest, the Chaikin Money Flow was continuing to fall on the charts, a sign of capital outflows gaining strength.
While BNB-centric developments have been hard to come by, the crypto-exchange made headlines recently after it was suggested that the SEC may be initializing an investigation into Binance Chain transactions.
Decred, the autonomous digital currency with a hybrid consensus system, was one of the few market altcoins to perhaps underachieve when the world’s largest cryptocurrency hiked over the last week. It must be noted, however, that at the time of writing, DCR was noting some gains, climbing by over 4% on the charts. Alas, this was preceded by a 9% dip that saw DCR trading at a level well below its resistance.
While the Awesome Oscillator pointed to a dearth of momentum in the market, the Relative Strength Index was well-positioned between the overbought and oversold zones.