The entire cryptocurrency market is affected by a general breakdown. Some of the altcoins are falling as a result of overbought conditions, while others are consolidating sideways below the overhead resistance.
BNB/USD Major Trend: Bearish
Binance Coin (BNB) is in a bear market. On May 30, after a rebound, the bulls retested the $18 high but were resisted. BNB retraced to $17 low but corrected upward to retest the $18 overhead resistance. A bearish double top pattern was formed which is responsible for the BNB downtrend. The initial drop was to the low of $16 low and corrected upward. The coin was consolidating between $17 and $18 for over a week before encountering another breakdown.
The crypto fell to $15.50 low and resumed another consolidation between $15.50 and $16.50. The coin is now trading above the historical price level of May. In May the coin rebounded above $16 to resume an upward move. The uptrend resulted in the attainment of $18 overhead resistance.
On the upside, a strong bounce above $16 will propel price to break through the resistance of $16.50 and $17.50. The momentum will extend to retest the $18 overhead resistance. BNB is at level 42 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone. BNB is likely to fall as the price bars are below the EMAs.
ETC/USD Major Trend: Bearish
Ethereum Classic (ETC) was earlier in a bull market as the coin reached a high of $7.57. The market reached the overbought region, suggesting that sellers are in control of price.
Sellers pushed the coin to $6.60 low as the coin resumed consolidation above $6.80. Recently, ETC encountered another breakdown as the crypto dropped to $6 low. Today, the coin is fluctuating between $6 and $6.50. The crypto is above 25 % range of the daily stochastic. It indicates that the market is in a bullish momentum. However, the price action indicates that the market is consolidating as the price has no particular direction. The price bars are below the EMAs which makes it vulnerable to fall.
HT/USD Major Trend: Bearish
Huobi Token (HT) is in a bull market but the uptrend is stalled at a high of $4.50 resistance. On three occasions buyers attempted to push the coin above the $4.50 resistance but to no avail. On the third attempt, HT encountered a breakdown which plunged the coin to $4.05 low.
The price corrected upward but was resisted at $4.30 high. Since June 1, the bulls have failed to break the $4.30 minor resistance. The crypto is now consolidating between $4 and $4.30 pending the outcome of another breakout or breakdown. However, a strong bounce above $4.20 can break the minor resistance and retest the overhead resistance. HT is presently at level 53 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone. The coin is likely to rise.
LTC/USD Major Trend: Bearish
Litecoin (LTC) has been on a downward move after the coin reached the overbought region of the market. In the overbought region, sellers emerge to push prices down. The coin encountered a breakdown as it fell to $44 low.
The price corrected upward but after a retest at $48 and $47, the selling pressure persisted. This resulted in another breakdown as LTC fell to $42 low. Buyers are unrelenting as the price tussle continues. The bulls have made several attempts to push the coin above $45 but there is always a bearish reaction. The market is consolidating between $42 and $45. On the upside, the bulls have to break the $45 and $48 to retest the overhead resistance. LTC is in a bearish momentum as the coin is below 40% range of the daily stochastic.
MKR/USD Major Trend: Bearish
Maker (MKR) was earlier in a bull market as the buyers pushed the price to a high of $720. Buyers failed to push the price above the overhead resistance on three occasions. MKR dropped to $600 low and continued a downward move to $471.
The selling pressure is ongoing as the coin is likely to reach a low of $400. Maker is likely to be oversold at the low of $400 where buyers will emerge to push prices upward. The market will rise again as bulls retest the $700 overhead resistance to break it. This has been the market scenario. The maker has been in a sideways trend trading below $700 overhead resistance. Buyers have never broken the overhead resistance since this year.
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