- The last 24 hours has seen a majority of the top 10 altcoins drop in price.
- An ascending triangle has formed on the daily charts for BNB and MATIC.
- AVAX and LINK’s daily charts look more bearish.
A large number of the top 10 largest cryptocurrencies in terms of market cap have seen their prices fall over the last 24 hours, according to CoinMarketCap.
In this article, a technical analysis will be done on Binance Coin (BNB), Polygon (MATIC), Avalanche (AVAX), and Chainlink (LINK).
At the time of writing, BNB is up slightly over the last 24 hours and is up over the past 7 days by around 11.9%. However, some bear pressure has come in as BNB is slightly down on the hour by approximately 0.18%.
MATIC’s price has also risen in the last day by around 1.94% and has had an impressive performance over the last week as it printed an astounding 28.37%.
AVAX has not followed the same trend as BNB and MATIC. Although AVAX’s price is up over the last 7 days by an estimated 20.67%, it experienced a 1.88% drop over the past day and it seems the selling pressure is still continuing as its price dropped 0.34% in the last hour.
Last on the list is LINK, which has also experienced a 7-day gain of 4.74%. The weekly performance has been affected in the last 24 hours as LINK’s price took a 3.60% knock.
The daily chart for BNB/USDT shows that an ascending triangle has formed with the base of the triangle being a resistance level at $248.8. Technical indicators signal a couple of bullish flags for BNB over the next few days which suggest that BNB may breach this level.
One of the bullish flags is the 9 MA crossing above the 20 MA line. This indicates that BNB is in the early stages of a bullish cycle. The 9 MA line is also attempting to break away from the 20 MA which serves as confirmation of the bullish trend beginning.
The next bullish flag is the ascending triangle that has formed on BNB’s daily chart which indicates that BNB’s price is setting up to challenge the base of the chart pattern.
In addition, the RSI line is positioned well above the RSI SMA line and is also sloped towards overbought territory, which is another bullish flag.
When it comes to the daily chart for MATIC, an ascending triangle has also formed on MATIC’s daily chart. However, there are hardly any bullish flags to support a possible challenge of the base of the chart pattern, which is also a major resistance level on the daily chart.
Although the RSI is positioned above the RSI SMA, it is sloped towards oversold territory as it looks to close the margin that exists between itself and the RSI SMA. Furthermore, the 9 MA and 20 MA are almost touching each other, which could result in a bearish cross on the daily chart if bulls don’t step in.
The price of AVAX has entered into a consolidated price channel on its daily chart. Given the consistent levels of volume, there are no clear signs as to which direction AVAX’s price will go. The 9 MA line is slightly below the 20 MA line. Should the relative position of these two lines change, then we could see AVAX enter into a bullish cycle.
However, the move may not be a strong move given the flat trading volumes.
The price of LINK has broken out of the descending triangle chart pattern that attempted to push LINK’s price down. Since then, the RSI has broken above the RSI SMA line and is one sloped towards overbought territory.
However, a close look at the RSI shows that a bearish divergence has signaled as the RSI posted a lower low and Chainlink’s price did not. This could be forecasting a drop in LINK’s price.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.