Litecoin, Binance Coin continue on steep downtrend as Dogecoin follows suit
Most of the market’s altcoins enjoy high correlation stats with Bitcoin, the industry’s premier cryptocurrency. And, while this is often a boon when the king coin is pumping, sometimes it’s a bane, with its most recent price performance being one of the latter cases. After BTC fell on the charts, the market’s altcoins were quick to follow, including the likes of Litecoin, Binance Coin, and Dogecoin.
Litecoin, the oft-called silver to Bitcoin’s gold, was badly affected by Bitcoin’s fall right before its much-anticipated halving on the 11th of May. However, while it did recover well in the immediate aftermath, those successes have almost been reversed by the present fall in the altcoin’s price, with LTC dipping by over 3% over the past 24-hours and nearing the levels touched upon on the 11th.
The magnitude of the fall in Litecoin’s price was evidenced by the Bollinger Bands as the mouth of the indicator was widening, at the time of writing. Further, the signal line continues to surge over the MACD line on the charts.
While regular updates on the development side, apart from intermittent MimbleWimble news, have been hard to come by, Litecoin’s Charlie Lee was in the news recently after he assured the community against the difficulty of MimbleWmble implementation, claiming that it will be a ‘learning curve.’ He also argued that hidden inflation is a risk users of LTC should be willing to take.
Binance Coin [BNB]
BNB, the native token of one of the world’s largest crypto-exchanges, Binance, like Litecoin before it, hasn’t had a lot of developments to speak of, even though the exchange itself has been in the news a lot. In fact, Binance was in the news the day before after it was announced that two CZ-backed, crypto-supporting travel portals, TravelByBit and Travala.com, were merging.
The token itself, again, like Litecoin, had its steady progress following 11 May interrupted by the present market fall, with BNB falling by over 4% in 24-hours. However, BNB continued to remain some distance away from both its resistance and support on the charts.
The market indicators for BNB weren’t optimistic, however, as while the Parabolic SAR’s dotted markers were positioned well above the price candles, the Chaikin Money Flow noted a steep fall on the charts, plunging below zero.
The Internet’s favourite meme coin, Dogecoin hasn’t had the best of price performances lately. However, for an altcoin that many pejoratively refer to as a shitcoin, it did seem to be in a decent position on the charts, despite the fact that it did register an almost 4% fall over the last 24-hours.
The indicators for the joke coin gave limited info too, as while the Awesome Oscillator pictured falling momentum in the market, the Relative Strength Index continued to mediate between the oversold and overbought zones on the chart.