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Analysis

Litecoin, Binance Coin, Verge surge by 10% as alts’ recovery gains steam

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Source: Pixabay

Altcoins continue to inch closer to a complete recovery after Black Thursday last month wiped out most of their gains in 2020. In the footsteps of the world’s largest cryptocurrency, Bitcoin, altcoins such as Litecoin, Binance Coin, and Verge have all recorded double-digit gains over the past 48 hours.

Litecoin [LTC]

Source: LTC/USD, TradingView

For the world’s seventh-largest cryptocurrency, Litecoin’s growth over the past two days has been promising. At press time, Litecoin had a  trading price of $42 after having witnessed a 10 percent surge in price in the last 48 hours. This bullish momentum in the price of the altcoin had taken it very close to the resistance at $43, at the time of writing. Another key point of resistance for LTC was observed at $46 and in case the bullish momentum was to fade, the coin was likely to find support at $39.

The MACD indicator for Litecoin continued to show bullish sentiment for the coin after having undergone a bullish crossover. The Relative Strength Index echoed a similar sentiment, with the indicator continuing on its northbound journey.

Binance Coin [BNB]

Source: BNB/USD, TradingView

For one of the world’s most popular cryptocurrency exchanges, every day seems to be a new conquest. In the past two days, the good fortunes of the exchange seem to have spilled over to its native token, Binance Coin, which, at the time of writing, was being traded at around $15, with the token registering a 24-hour trading volume of $372 million. In little over 48 hours’ time, BNB’s price rose by over 10 percent, pushing it closer to the crucial resistance at $16 – a price point BNB found itself at before the crash in March. Strong support for the token was also available at $14 if things were to take a turn for the worse.

The EMA Ribbon for BNB, at the time of writing, was providing support to its trading price whereas the MACD indicator had just undergone a bullish crossover.

Verge [XVG]

Source: XVG/USD, TradingView

Echoing similar trendlines as the aforementioned alt, Verge also registered gains of over 10 percent in the past two days. At the time of writing, the coin had a trading value of $0.0026 and a market cap of $44 million. If the uptrend were to continue, Verge would be in a position to try and breach the resistance at $0.0029. However, if the bears were to take over, the coin may soon have to rely on the support at $0.0025 to stabilize its price.

The MACD indicator for Verge had undergone a bullish crossover, but in the past few hours, the signal line was coming very close to going past the MACD line. Further, the Bollinger Bands were expanding slightly, implying increasing volatility for the coin’s price.

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Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.