- The prices of both ETH (ETH) and BNB (BNB) have declined in the last week.
- Despite the bullish trend, indicators for ETH and BNB were negative.
Altcoins that are the most popular include Ethereum [ETH] You can also find out more about the following: BNB Their charts were red. A recent analysis revealed an update that hinted towards a trend change soon.
If this is true, ETH and BNB could see a huge bull run.
Are altcoins prepared for a rally?
CoinMarketCap’s data ETH experienced a 7% drop in price last week. The king of the altcoins, at press time was trading for $3,230 and had a capitalization over $388 Billion.
BNB Bears took over the market in the same way last week. Over the last week, the price of BNB has fallen by over 2%. BNB’s price was $578 at the time this article was written, with a total market capitalization of $84 billion.
This entire altcoin trend could be changed in the next few days.
Moustache recently posted an article on a popular cryptocurrency analyst. tweet revealing a major development. As per the tweet, altcoins have formed a textbook cup & handle pattern over the last few years.
The altcoins were expected to begin a rally soon, and ETH/BNB prices would rise as well.
AMBCrypto therefore planned to examine these coins in more detail to find out if their current state also hinted at a rally.
ETH’s and BNB’s States
AMBCrypto’s analysis of CryptoQuant data BTC’s reserves were increasing which indicates that there was a high level of selling pressure for the token. But the futures market was looking pretty good.
Green means the funding rate is green and that short-term traders will pay long-term traders. The token’s taker buy/sell rate also showed that buyers were dominant on the futures exchange.
Then we checked Ethereum’s chart for the day. The technical MACD indicator showed a negative crossover.
ETH’s Relative Strength Index(RSI) has also shown a downward trend, suggesting that it may take longer for ETH to turn bullish.
Then we checked BNB’s performance. Its popularity is reflected in the social volume of BNB.
The coin’s sentiment was still in the negative area. The market was clearly dominated by a bearish attitude towards BNB.
You can read more about it here Ethereum’s [ETH] Price Prediction 2024-25
BNB’s technical indicators looked similarly bearish as Ethereum. MACD showed, for instance, that a possible price correction was likely.
Moreover, the Relative Strength Index also moved slightly to the south.
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Source: ambcrypto.com