Altcoins’ rally might be short-lived, as suggested by an analysis, but what about the long term?
- Ethereum and BNB witnessed price increases in the past week. Market indicators hinted at a continued price rise.
As the crypto market revived, altcoins have also shown immense promise. However, an analysis revealed that this uptrend might be short-lived.
Therefore, AMBCrypto planned to take a look at the top two altcoins, Ethereum [ETH] and Binance Coin [BNB], to find out what to expect next.
What’s going on with altcoins?
The last week was in investors’ favor as most cryptos witnessed bullish rallies, which can be attributed to the change in the market trend.
ETH, the king of altcoins, performed well as its price increased by more than 6% last week.
Similarly, BNB’s price also went up by over 9% last week. At the time of writing, ETH was trading at $2,624, while BNB had a value of $523.
In the meantime, Alphractal, a popular crypto analyst, posted a tweet highlighting an interesting development, highlighting that the trends of ETH and BNB might not last long.
Source: X
Therefore, AMBCrypto planned to take a closer look at these two cryptos.
Will ETH and BNB’s bull rally end?
The technical indicator MACD displayed the possibility of a bullish crossover for Ethereum. The Chaikin Money Flow (CMF) also registered an uptick, indicating a price increase.
The Money Flow Index (MFI) took a southward route, which could cause hindrance to ETH’s upward rally.
Source: TradingView
Next, AMBCrypto took a look at BNB’s daily chart. Similar to ETH, BNB’s market indicator looked pretty optimistic. For instance, the RSI took a northward route.
Read Ethereum’s [ETH] Price Prediction 2024-25
Its CMF also followed a similar pattern, hinting at a price increase.
The technical indicator MACD displayed the possibility of a bullish crossover, indicating a continued price rise. Now, what happens in the long term will be interesting to keep an eye on.
Source: TradingView
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