The altcoins under review are trading in bull markets. Recently, the coins appreciated as price rebounded to reach the previous highs. Unfortunately, the coins are retracing after reaching the overbought regions. It is most likely the uptrend will resume after a minor retracement.
BNB/USD Major Trend: Bullish
Binance Coin (BNB) is in a bull market but currently in a downward move. The coin is falling after testing the resistance at $17.50. Since July 5, BNB rebounded above $15 low and resumed an upward move. The market reached a high of $17.50 and it was said to be in the overbought region. Binance Coin is falling after it was resisted at the recent high. The price has retraced and found support above the 12-day EMA and the 26-day EMA.
BNB will resume a fresh uptrend if the current support above the EMA holds. On the upside, a break above the $17.50 will propel the price to break $18 overhead resistance. BNB will rally to $22 high if the $18 overhead resistance is breached. However, the overhead resistance has not been broken since April. The coin is presently above 80% range of the daily stochastic. It indicates that the coin is overbought and sellers will emerge to push prices down.
ETC/USD Major Trend: Bullish
Ethereum Classic (ETC) is in an upward move as the market reaches a high of $6.80. A Doji candlestick appears after the recent uptrend. This candlestick indicates that buyers are unable to push prices higher as sellers emerge to push prices back to the opening price.
In the meantime, the price has retraced to the low of $6.45 low as bulls resume upward move. Since May 2, the bulls have not been able to break the resistance at $7.50 but have retested it twice. On the upside, if the price breaks the resistance at $6.80, and the momentum is sustained, the overhead resistance can be breached. Presently, the ETC is at level 63 of the Relative Strength Index period 14. The coin is still in the uptrend zone and above the centerline 50.
HT /USD Major Trend: Bullish
Huobi Token (HT) is currently consolidating between $4 and $4.30 after retesting the overhead resistance at $4.50. The bulls have retested the $4.50 overhead resistance twice in April and June. However, the resistance is yet to be broken. Each time, the bulls retest the resistance the coin will fall and resume consolidation between $4.0 and $4.30 price levels. The coin is consolidating in a tight range. Meanwhile, the coin is above 70% range of the daily stochastic. It indicates that the market is in a bullish momentum.
LTC /USD Major Trend: Bullish
Litecoin (LTC) is in a bull market. The coin rebounded twice to reach the $46 high. The bullish momentum could not penetrate the recent high because the coin reached the overbought region of the market. Sellers were present at the recent high to push prices down to $44 low.
On the upside, if LTC rebounds above $44, the price will rise and break the resistance at $46 and $50. The momentum will extend to $80 high. Litecoin will be compelled to a range-bound movement if the current resistance is not breached. The coin is above 80% range of the daily stochastic. LTC is in the overbought region as sellers emerged to push prices down. However, after the retracement, the market will resume an upward move. The crypto will rise as long as the price is above the 12-day and 26-day EMAs.
MKR/USD Major Trend: Ranging
Maker (MKR) has been in a sideways trend for a long period. Buyers have not been able to break the overhead resistance at $700. Each time the overhead resistance is retested the market will encounter a bearish reaction.
On June 9, buyers retested the $700 overhead resistance as they were repelled. The market fell to $500 low. The price corrected upward at the $600 high but the selling pressure persisted as the coin continued the downward move. MKR will resume uptrend as soon as the market reaches bearish exhaustion. This has been the market scenario. Meanwhile, the coin is above 30% range of the daily Stochastic. It indicates that the market is in a bullish momentum.