Some of the market’s large-cap altcoins initiated a recovery on the charts after seeing their value slashed in a matter of hours, following Bitcoin’s own retracement. While Binance Coin’s recent gains were backed by bullish momentum, Waves did not register significant selling volume, even during the latest drop. Finally, Enjin showed that its market was dominated by sellers in the short-term, with the same likely to see more losses.
Binance Coin [BNB]
Source: BNB/USDT on TradingView
BNB’s move from $25.75 to $31.12 had a Fibonacci 62% extension level at $34.99, and BNB rose just past that level to $35.38, before facing a steep drop.
At the time of writing, the price had risen from the 78.6% retracement level it had found support at to flip the 38.2%-level to support.
Finally, the RSI registered a value of 51, a finding that indicated that the present price movement was not just a bounce in price, but an effort towards the price recovering and climbing to $32.
Waves [WAVES]
Source: WAVES/USDT on TradingView
Waves bounced off a region of demand above its support level at $5.7. However, it was forming a head and shoulders pattern, with the right shoulder being formed. A close below the neckline and support at $5.7 could take the price to the $5-support level.
However, the OBV showed that the latest drop from $8 was not met by huge selling volume. This would be encouraging to the bulls, and the region at $6 could be defended as there seemed to be a lack of intense selling.
For the market’s altcoins, a shift in sentiment towards the bullish side could see WAVES move north again.
Enjin [ENJ]
Source: ENJ/USDT on TradingView
ENJ formed an ascending triangle, faked a move to either direction in what was likely a stop-loss hunt before a surge from $0.134 to $0.173.
Selling pressure caught up with the price and forced it back to $0.134, a level from where ENJ recovered and flipped the $0.143-resistance level to support.
However, at the time of writing, this level of support might be ceded to the bears. The buying volume on the most recent bounce was unremarkable.
Finally, the CMF also dropped below a value of -0.05, a finding indicating that capital flow was headed out of the market.
