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Analysis

WAVES, Hedera Hashgraph, Binance Coin Price: Altcoins record mixed fortunes

Chayanika Deka

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Source: Pixabay

The recent price surge brought some relief to a market that had been reeling under bearish pressure following the second week of March. Following the biggest one-day slide in Bitcoin’s price since 2013, the cryptocurrency market shed substantial value, which is why the phase in question was a recovery of sorts for many altcoins in the industry.

Binance Coin [BNB]

Source: BNB/USD on TradingView

The BNB token is tied to one of the world’s leading cryptocurrency exchanges, Binance. A crucial development for the token was its engagement with the recently announced Binance Visa Card that will essentially enable users to pay for goods and services with their cryptocurrencies.

The technical indices for the token all projected strong bullish signals. BNB was up by 2.44% and recorded a trading volume of $335.04 million over the last 24-hours. At press time, the token was priced at $12.47 as it held a market cap at $1.93 billion.

Resistance: $16.8, $21.35

Support: $9.24

MACD: The MACD line was above the signal line, depicting a bullish picture for the coin’s near term.

Chaikin Money Flow: The CMF also appeared to be in the bull’s territory.

WAVES

Source: WAVES/USD on TradingView

In a major boost for the WAVES ecosystem, its parent firm Wave Financial Group, a regulated crypto-focused digital asset management firm, announced joining forces with whiskey maker, Wilderness Trail Distillery, to tokenize $20 million worth of bourbon whiskey.

At press time, WAVES was priced at $0.828. The recent rally prompted the coin to go up by 0.14% over the last 24 hours while holding a trading volume of $48.27 million and a market cap of $84.14 million.

Resistance: $1.04, $1.37

Support: $0.559

Parabolic SAR: The dotted markers above the price candles suggested bearish pressure on the coin.

Awesome Oscillator: The AO indicator also aligned with the bears.

Hedera Hashgraph [HBAR]

Source: HBAR/USD on TradingView

HBAR’s parent company, Hedera Hashgraph, is a distributed ledger known for building decentralized applications

On its price side, HBAR declined by 2.03% over the last 24-hours. At press time, the coin was priced at $0.031 as it registered a market cap of $119.01 million and a 24-hour trading volume of $7.129 million.

Resistance: $0.040, $0.058

Support: $0.0311

Klinger Oscillator: KO highlighted a bearish phase for the coin.

Relative Strength Index: The RSI indicator was also in the oversold region, suggesting the persistence of selling pressure in the HBAR market.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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