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Ethereum, Chainlink, Binance Coin Technical Analysis on 25th September 2020

XRP Draws a Downtrend and Has Pulled Back Over 28%

September 25th 2020

The entire crypto market was seen painted green during the time of writing, further highlighting signs of recovery from its recent setback. The market cap of the overall crypto-verse was also in sync with the uptrend that was taking over. At press time a 3.74% increase pushed the overall market cap to $338.07 billion. Bitcoin’s dominance has been almost stagnant as it was recorded at 58.6%.

Ethereum [ETH]

After ETH recorded a major slump a few days ago, several speculated the price of the altcoin might go below $300. However, the coin seems to be back on track with a 5.17% daily increase. During the time of writing, the altcoin was trading at $342.32 with a market cap of $38.59 billion.

While the ETH community were glad to witness a brief price rise of the altcoin, the stay in the green zone for ETH is rather bleak. In the short-term chart of ETH, the Parabolic SAR indicator composed dotted lines above the candlesticks obstructing the likelihood of an upward breakout. Awesome Oscillator followed suit by exhibiting red closing bars further hinting the presence of bears in the market.

Chainlink [LINK]

Chainlink caught the attention of the community with its downfall through the week. It’s never too late to head towards recovery. With a whopping 16.52% increase in its price over the last 24-hours, LINK was trading at $9.68 during the time of writing.

Seems like LINK will continue residing in the bullish territory for some more time now. The Relative Strength Index [RSI] was just walking down the overbought zone. However, a buyer’s sentiment was intact in the LINK market as the RSI marker was at 60 median, at press time. The Chaikin Money Flow [CMF] was far from the bears as the CMF marker was way above 0.

Binance Coin [BNB]

Standing as the seventh-largest cryptocurrency, the Binance Coin [BNB] was seen procuring increased numbers. Syncing with the ongoing bull market, BNB jumped the bandwagon as it recorded a 4.55% daily surge. At the time of writing, the altcoin was trading at $24.44.

Both the key indicators used in the short-term chart of the Binance Coin reported seeing bears in the market. The MACD indicator was currently undergoing a bearish crossover as the MACD line was seen below the signal line. The Klinger Oscillator agreed with the aforementioned indicator with a bearish crossover.

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