- Altcoins are also relatively flat these days when Bitcoin is consolidating between $ 22,500 and $ 23,500. While Bitcoin remained on the rise, many altcoins such as Binance Coin and Chainlink were unable to sustain market momentum while consuming themselves on the price charts.
Binance Coin (BNB) price analysis
Binance Coin, the most popular exchange token in the crypto market, has recorded a very volatile price movement over the past few months. Although BNB has seen increases in recent months, this adventure did not last long as the token soon fell into the normative price range.
Although BNB rose 13% on the charts, it soon corrected itself towards previous price levels. Currently Binance Coin has recorded a 134.85% return since the beginning of the year. It should be noted that the aforementioned increase may have been accelerated by CZ, who raised the controversy over BNB crypto burning.
However, looking at the technical indicators of the BNB, it seems that Parabolic SAR’s dotted lines show that the cryptocurrency’s decline will not continue, as the price is well below the candles and the Relative Strength Index is gradually fixing itself between the overbought and oversold zones .
Chainlink, the tenth largest cryptocurrency by market cap, has not yet fully reached its August 2020 highs, despite a series of spikes that have been disrupted over the past few months. As stated earlier, while Bitcoin consolidated around $ 23,000, Chainlink alone did not share this rise, which fell 19% last week.
At the time of writing, LINK is immediately trading very close to the support level on the price charts.
Following the correction in question, the mouth of LINK’s Bollinger Bands seems to be widening slightly, a sign of incoming price volatility. Red bars at the bottom of the Awesome Oscillator’s histogram indicate negative market momentum.