Connect with us

Analysis

XRP, Chainlink, Binance Coin Price Analysis: 24 August

Published

on

Source: Pixabay

After a couple of days of bearish pullback, the collective crypto industry breathed a sigh of relief as major altcoins registered a minor uptick to keep pace with its overall bullish trend. Although bearish signals were still evident in the markets, the past 24-hours have highlighted a sea of green signals all across the board.

XRP 1-hour chart

Source: Coinstats

XRP’s recovery towards $0.30 came right after the asset recently tested its support at $0.274. The asset’s market cap surpassed the $13 billion mark once again as XRP registered a trading volume of $1.25 billion in the charts.

XRP/USD on Trading View

XRP’s MACD suggested a bullish trend as the blue line hovered over the red line. Parabolic SAR indicated a continued incline as well. Relative Strength Index registered a higher buying pressure; however, a reversal will lead to another period of corrections.

Chainlink 1-hour chart

LINK/USD on Trading View

Chainlink’s witnessed one of the strongest recoveries over the past few days, retracing all the way down to $12.94 before climbing towards $16 in 24 hours. LINK was valued at $15.58 at press time with a market capitalization of $5.485 billion.

Chainlink’s ecosystem also registered an all-time high in terms of daily active addresses in the charts. The positive fundamental improvement was mirrored by Chaikin Money Flow, which suggested an increase in capital in-flow as MACD continued to remain bullish for the coin. Parabolic SAR attained support for LINK’s price as the dotted line was observed under the candlesticks.

Binance Coin 1-hour chart

BNB/USD on Trading View

With a building bullish momentum indicated by Awesome Oscillator, Binance Coin completed a 5.15 percent hike over the past day. For BNB, one key observation was a lack of significant trading volume, as its market cap of $3.29 billion was coupled with low volumes of $190 million.

Bollinger Bands opened the doors for further volatility in the charts as the bands appeared to diverged. Klinger Oscillator suggested that capital was driving the rally.

Where to Invest?

Subscribe to our newsletter

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.