Ethereum starts a bearish run; BNB, Cosmos take the same path
The market crash in March sent all coins on a rollercoaster ride and surprisingly, most of them, at the moment, have recovered from the losses incurred. The second top coin ETH which was trending at $140 level in March has recorded a significant increase in April. A similar pattern was followed by BNB and Cosmos. However, with the start of May, all three altcoins – ETH, BNB, Cosmos have started a bearish run.
Ethereum[ETH]
The largest altcoin with a market cap of $23,955,482,966, ETH has been doing pretty well lately. After recording an 18% rise on April 6, the coin found support at $151.55 for over 7 days. On April 16, the coin saw another rise by 12%. ETH has only seen an uptrend since then. However, MACD indicator which is heading for bearish crossover indicated a potential downward price breakout in the coming days. Additionally, contracting Bollinger bands indicate a less volatile period moving ahead.
Resistance: $226.30
Support: $205.91, $167.49, $151.55, $138.92
Press time Price: $215.16
Market Cap: $23,955,482,966
24-hour Trading Volume: $19,867,201,768
Binance Coin [BNB]
As seen in the attached chart, BNB recorded a continuous uptrend following the market crash; the coin recorded a rise of 36% at the start of April. However, BNB might experience a downward breakout in the near future as indicated by the rising wedge pattern. This downward run is further confirmed by the CMF indicator.
Resistance: $17.66, $21.84, $27.67
Support: $13.65, $11.22, $9.27
Press time price: $17.48
Market Cap: $2,733,534,044
24-hour Trading Volume: $394,252,787
Cosmos
Cosmos, the 24th coin as per Coinmarketcap was quite stable, price-wise, at the beginning of April. It had found support at $2.19. On April 23, the price experienced a 26% rise and has been maintaining the support at $2.66 since then. However, Awesome Oscillator indicator indicated that the coin might experience a short-term downward breakout in the coming days.
Resistance: $3.04.
Support: $2.66, $2.19, $1.96
Press time price: $2.86
Market Cap: $549,436,980
24-hour Trading Volume: $188,458,385
OhNoCrypto
via https://www.ohnocrypto.com
Rakshitha Narasimhan, Khareem Sudlow