Over the last week, the values of BNB and Ethereum have decreased by 4% and 3%, respectively. XRP has also decreased by 8%, and the majority of market indications are gloomy.
After a price adjustment for the majority of cryptocurrencies, the altcoin market has recently suffered. This also applied to the top three cryptocurrencies, XRP, Ethereum [ETH], and BNB Chain [BNB]. According to the most recent statistics, the combined market capitalization of the top three cryptocurrencies has hit a crucial point that might influence the direction of the market in the next days.
Altcoins may see a surge if…
Popular crypto-analyst Mags recently highlighted an intriguing altcoin-related occurrence in a tweet on X, the original name of Twitter. The market capitalization of the top three altcoins is $320 billion at the moment. Along with it, he offered two potential results:
Crypto Forecast: Will Ethereum, XRP, BNB Spark a Bullish Surge?,Crypto Forecast: Will Ethereum, XRP, BNB Spark a Bullish Surge?
We may anticipate a retest of the 2017 ATH, which is now in a solid monthly support zone at $240 billion, if the price breaks below the present support level. The second scenario is that we should anticipate a strong rally from here if the price breaks out above the local trendline resistance and front-runs the monthly support level.
Dogecoin Rebounds, Breaking Free from Recent Downtrend
Given that the two scenarios are diametrically opposed to one another, a deeper examination of all three of the most popular altcoins can help clarify which is the most plausible.
Ethereum seems gloomy.
According to statistics from CoinMarketCap, the price of the most valuable cryptocurrency fell by more than 4% last week. With a market valuation of more than $187 billion, ETH was trading below the $1,600 threshold at $1,560.32 at the time of writing. Even worse, the majority of on-chain measures continued to favour the sellers.
For instance, at the time of publication, Ethereum’s exchange reserve was growing. This indicated a strong selling pressure on the token. Indeed, the red areas on ETH’s Korea premium and Coinbase premium indicate that investors from the US and Korea have been liquidating their holdings.
BNB Chain: How is it doing?
The situation of BNB was likewise a lot like Ethereum’s when its value declined. BNB Chain has had a price decline of more than 3% in the past seven days. Its market capitalization was $39.5 billion as of the time of publication, trading at $205.39.
If market signs are accurate, there might be more decline in the price of BNB. The Money Flow Index (MFI) and the Relative Strength Index (RSI) both showed declines. The Chaikin Money Flow (CMF) for BNB was likewise in the negative territory. Furthermore, the MACD clearly showed a negative upper hand, which raised the likelihood of a long-term decline.
$640 million worth of Bitcoin (BTC) options are about to expire.
In contrast to Ethereum, BNB’s derivatives market statistics appeared to be positive. For instance, Coinglass’s statistics showed that BNB’s financing rate decreased along with a decrease in price.
This implied that investors had been hesitant to purchase BNB at a reduced cost. Furthermore, BNB’s Open Interest showed a similar downward trend, indicating the possibility of a trend reversal.
Crypto Forecast: Will Ethereum, XRP, BNB Spark a Bullish Surge?,Crypto Forecast: Will Ethereum, XRP, BNB Spark a Bullish Surge?,Crypto Forecast: Will Ethereum, XRP, BNB Spark a Bullish Surge?