While most of the altcoins in the market continue dropping, Bitcoin and a few others have enjoyed a good amount of increase. BTC has increased its dominance in the market. The price of the digital asset has managed to achieve a 68% increase in value for the first time since the early part of 2017.
According to some prominent members of the crypto industry, the price of BTC will capture about 80% of the entire crypto market. The below technical analysis will indicate whether tokens like Binance Coin, EOS and Stellar boost the potential to rebound and join BTC despite the larger market action.
Binance Coin Price Analysis
Binance Coin, the native digital asset for Binance Exchange, reportedly managed to trade over the 7-week MA for a 6 month period invalidating all the bearish signs along the way. However, the latest sell sign shown by the TD Sequential Indicator (a green nine) in mid-June couldn’t be invalidated. Since that time onwards, the price of BNB has corrected by 39%, breaking under the 7-week MA for the first time since the end of last December.
If the reversal candlestick is invalidated, the selling pressure for BNB could increase with and potentially take the price of the crypto to the 30-week MA at $21.85. This is where the 50% Fibonacci retracement is. Before reaching it, the coin will violate the 38.20% Fibonacci retracement which is a support area.
BNB is trading at $28.64 at press time. The market cap is $4,454,016,858 with a 24 hour volume of $308,036,757.
EOS Price Analysis
Following the 458% upswing for the price of EOS which began in the early part of December 2018, the price of EOS retraced by 62% after peaking at the $8.65 area on May 31. Now that the price of the asset class has reached the 65% Fibonacci retracement via the weekly chart, a hammer candlestick trend line seems to have developed last week which automatically signal’s a potential reversal from a bearish pattern to a bullish one.
However, if the price of EOS drops down to the $3.30 area and its volume doesn’t pick up, all the bullish signals that was previously explained could become invalid and the price of the cryptocurrency might try to touch the 78.60 Fibonacci retracement area at $3 to $2.80.
EOS is trading at $4.21 at press time with a market cap of $3,890,665,009. The 24-hour volume is $1,958,999,407 and the price has risen by 2% in the past 24 hours.
Stellar Price Analysis
After the low point from of February 06, 2019, when the price of XLM reached the $0.073 support, Stellar enjoyed a fresh 3-month bull rally. This movement took the price of Stellar to the $0.162 area on May 16, which in turn represented a 120% price increase for the asset class. Since then onwards, the cryptocurrency lost almost the entire value it had gained by plummeting to the $0.076 support point as of July 17.
Interestingly enough, the digital asset began to produce a head-and-shoulders pattern via the daily chart since the 10 of July. At the moment, the price of XLM could be producing the right shoulder. Although it may drop to about $0.082 before bouncing back to the neckline sitting around the $0.094 area. A break above this neckline could add 22.50% upswing.
Stellar Lumens is trading at $0.083258 at press time with a market cap of $1,633,274,704 and a 24 hour volume of $136,616,303.