The first quarter of 2021 revolved around Bitcoin, the world’s largest cryptocurrency, recording one ATH at a time. The other competing narrative, however, was the bull run of the altcoin market, which also benefited Stellar Lumens, EOS, and Binance Coin. Over the past seven days, however, those narratives have stalled, and the market bears take center stage following the fall of BTC.
Stellar lumens [XLM]
April came at a good time for XLM, especially since altcoin trading in March had occurred within a narrow channel on the price charts. In fact, within a 7-day window alone, crypto saw a sharp surge of over 35% in mid-April, after which it fell over 25%.
The latter was also accompanied by a decline in trading volume, with an increase in this being a prerequisite for the price action to recover.
XLM’s indicators corresponded to the loss in value of the Altcoin in the past few days as Parabolic SARs Dotted markings highlighted the bear market Awesome oscillator The histogram showed a decline in market momentum.
EOS, ranked 23rd on CoinMarketCap, was once one of the mainstays of the top 10 in the industry. Over the past year, the altcoin has been steadily pushed down, with Chainlink and VeChain overtaking its market cap. Like the rest of the market’s alts, EOS rose in April, with crypto rising 38% in less than a week.
The corrections came soon, however, as the alt has since declined 28%.
While the mouth of Bollinger Bands widened slightly to highlight the volatility of incoming prices, Chaikin cash flow fell sharply towards zero. This was a sign that capital outflows were increasing at the expense of capital inflows in the market.
It should be noted here that previous analysis had predicted the increase in selling pressure in the EOS market.
Binance coin [BNB]
Binance Coin, the industry’s largest exchange rate, was one of the top performers of 2021, with the altcoin rising to number 3 on the charts on CoinMarketCap. Like other Alts, the BNB was affected by the market-wide devaluation last week. However, such an effect was by no means uniform, as the altcoin soon saw a 22% increase within a few days.
At the time of writing, the NBB was faring significantly better than its other peers with an ALTD return of 1,420%.
The technical indicators of the BNB were also on the side of the bulls of the market. MACD Line was closely intertwined with the signal line while Relative Strength Index circled the overbought zone on the charts.
Given the on-chain metrics anticipating a long rally from the BNB, it could also be a good time to buy the token.
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