Altcoins Ready for a Rally? ETH and BNB Hint at a Trend Reversal Soon
- 王林Original
- 2024-07-29 12:10:18757browse
The top altcoins like Ethereum [ETH] and BNB failed to perform last week as their charts remained red. However, a recent analysis pointed out an update, which hinted at a trend reversal soon.
Top altcoins like Ethereum (ETH) and BNB failed to impress last week, with their charts closing in the red. However, a recent analysis might just have an update that could hint at a trend reversal soon.
If that does turn out to be the case, then ETH and BNB might be set for a bull rally.
Altcoins gearing up for a rally?
CoinMarketCap’s data showed that ETH underwent a 7% price correction last week. At press time, the king of alts was trading at $3,230, with a market capitalization of over $388 billion.
BNB also faced the brunt of the bears last week. The coin’s price dropped by more than 2% in the past seven days. At the time of writing, BNB was trading at $578, with a market cap of over $84 billion.
However, this entire narrative for altcoins might just be set to change in the coming days. Moustache, a renowned crypto analyst, recently took to Twitter to highlight a major development.
According to the analyst, altcoins have formed a textbook cup & handle pattern over the last few years.
This suggested that the altcoins would soon begin a bull rally, which in turn meant that ETH and BNB would also see their prices rise. Hence, AMBCrypto planned to take a closer look at the state of these coins to see if they were also hinting at an upcoming rally.
ETH and BNB’s state of affairs
AMBCrypto’s analysis of CryptoQuant’s data showed that BTC’s exchange reserve was on the rise, indicating high selling pressure on the token. However, things in the derivatives market seemed to be quite optimistic.
The token’s funding rate was in the green, suggesting that traders in long positions were dominant and were willing to pay traders in short positions. Further, its taker buy/sell ratio indicated that buying sentiment was dominant in the futures market.
Next, we checked Ethereum’s daily chart. We observed that the technical indicator MACD had undergone a bearish crossover.
ETH’s Relative Strength Index (RSI) also registered a downtick, suggesting that investors might have to wait a while longer to see ETH turn bullish again.
We then checked up on BNB. The coin’s social volume registered an uptick last week, reflecting its popularity.
However, the coin’s weighted sentiment remained in the negative zone. This clearly indicated that bearish sentiment around BNB was dominant in the market.
Read Ethereum’s [ETH] Price Prediction 2024-25
Like Ethereum, BNB’s technical indicators also seemed to be leaning toward the bearish side. For instance, the MACD showed that there was a possibility of a price correction.
Moreover, its Relative Strength Index (RSI) also took a slight downturn.
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