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MATIC and BNB trading volumes are increasing! What's next for altcoins?


What does BNB's weekly performance point to?
At press time, CoinMarketCap stated that BNB was trading at $249.47 after a 24-hour gain of 0.89 percent. This positive daily performance turned the altcoin's weekly performance even greener to 2.46%. Meanwhile, BNB's total trading volume has dropped 45.09 percent over the past 24 hours. As a result, the daily volume of the coin amounted to $489,715,281.
From a technical perspective, BNB was looking to push the resistance level at $252.70. If the altcoin successfully breaks above this key price point, it could have the momentum needed to rise to the next major level at $264.40 the following week. Conversely, if BNB's price fails to rise above $252.70, it could decline to the key $230.10 support level.
Investors and traders may want to keep an eye on the 9-day and 20-day EMA lines for the next few days. Should the two lines cross, there will be a bullish flag that will invalidate this bearish thesis and the price of BNB could rise to $264.40.
MATIC maintains its weekly performance!
Meanwhile, MATIC fell 0.24 percent on the past trading day. This brought the price of the Layer-2 crypto down to $0.7412 at press time. Despite the 24-hour decline, MATIC's weekly price performance remained in the green at 5.97 percent. Similar to BNB, MATIC's trading volume also fell.
The daily trading volume of the crypto stood at $315,283,874 as per press time. This was a total drop of 40.89 percent over the past trading day.
MATIC managed to climb above the key resistance level at $0.7191 in the last 3 days and turned the level to support in the process. In particular, the altcoin's price also managed to climb above the 50-day EMA line, where it continues to be traded at press time. If MATIC closes today's daily candle above the technical indicator, it could climb to $0.8141 in the next 48 hours.
On the other hand, if MATIC closes today's daily candle below the 50-day EMA line, it may be at risk of losing the above-mentioned $0.7191 support. Continued selling pressure could even bring the price of MATIC down to $0.6486 in the next few days.
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SAVASvip
· 2023-07-12 09:10
Thank you
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SAVASvip
· 2023-07-12 09:05
Thanks for information
Reply1