BNB, Raven, Lisk: Will Bitcoin’s dominance sideline these altcoins?

Many altcoins that have been launched in the recent five years have done a good job, but not many of them are being recognized. Bitcoin’s fame and recognition have sidelined these altcoins.

Binance Coin[BNB]

Source: BNB/USD, TradingView

Binance Coin [BNB] has been on a downward trend since Feb 13. The price has been fluctuating with a major drop on March 7, further exacerbated by the ‘Black Thursday’, which sent the price crashing down to $6.4 from $20.9[a 69% drop]. However, Binance’s recent news of issuing a debit card resulted in a 5.54% spike in BNB’s price. Looking at the above chart, there’s an ascending triangle pattern formed which indicates an upward breakout, which is further confirmed by the CMF indicator, as it rests above the zero line.

Resistance: $14.02, 17.53, 21.56
Support: $10.75, $9.05, $8.37

At press time:

Price: $11.82
Market Cap: $1,852,147,383
24-hour Trading Volume: $222,548,786

Ravencoin[RVN]

Source: RVN/USD, TradingView

RVN has also been on a downward trend since mid-February. After the 61% drop on March 12, the coin’s price has been maintaining constant support at $0.01, though it breached the support just once on March 16. There’s a symmetric triangle pattern formed which indicates a possibility of both upward and downward breakout. But here, the coin will most likely see an upward breakout, as hinted by the Awesome Oscillator indicator. The indicator is above zero and two consecutive red bars are followed by a green one, indicating the bullish trend.

Resistance: $0.17
Support: 0.01, 0.010

At press time:

Price: $0.014
Market Cap: $82,427,507
24-hour Trading Volume: $4,443,455

Lisk

Source: LISK/USD, TradingView

LISK is no different from this downward-trend. Ranked 39 [at press time] on CoinMarketCap, the coin dropped by 44% during the market crash, however, it recovered and is trading above 0.9 level at the moment. Bollinger Bands are seen moderately widening further confirming an increase in…

Source Link

Advertisements