The cryptocurrency market was seen making recovery at the time of writing. A lot of altcoins had risen on their charts post Bitcoin’s recovery over the last 24 hours. Binance Coin had started to flash gains on its daily chart yesterday but at press time, BNB struggled with lateral trading. Over the past day, BNB lost about 1% of its market value.
Algorand on the other hand, continued its upward movement after a week of rocky price movement. In the last 24 hours, ALGO gained about 2.8%. The global cryptocurrency market cap was at $1.79 Trillion after a 2% appreciation in the past day.
Price Analysis: BNB/USD Four-Hour Chart
BNB was trading for $384.34 at the time of writing. In the last 24 hours, the coin lost about 1%. Binance Coin was seen trading sideways so the price action was mundane. The overhead resistance for the coin stood at $393.15. The other price resistance for the coin awaited the coin at $424.78. Local support for the coin was at $359.83 while the price floor below that was at $339.54.
BNB’s price however climbed above the 20-SMA line which meant that the price momentum was driven by buyers in the market. Buying strength recovered for the coin struggled in the past trading sessions however, at press time Relative Strength Index was seen above the half-line.
The Directional Movement Index was positive as the +DI was over the -DI line, which meant that buying strength picked up in the market. The ADX was below 20, which depicts a weakened trend strength which could also mean that prices could dip further.
Price Analysis: ALGO/USD Four Hour Chart
Algorand was priced at $1 with resistance at $1.24. The support level for the coin was at $0.83. Price of the coin was seen above the 20-SMA line indicating that buyers were driving the price momentum in the market.
The coin gained about 2.8% and even though the coin showed appreciation, technical outlook indicated that there could be a potential dip in prices. The coin displayed a death cross, which occurs when 20-SMA was below the 50-SMA line.
The Relative Strength Index had been on an ascending channel as seen on the chart. There was an uptick in the buying strength as noted on the Relative Strength Index. Chaikin Money Flow was above the zero-line as it indicated increased capital inflows over outflows at the time of writing.
