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While the overall market saw a pullback, top altcoins like Binance coin, Solana, and Bitcoin Cash were no exceptions.
All these cryptos reached their respective multi-week milestones during the last week. After which, they flashed correction signs with weakening near-term technicals.
Binance Coin (BNB)
Source: TradingView, BNB/USDT
BNB started a bullish course of action by moving between parallel lines for five weeks until breaching its upper channel. The alt registered a staggering 92% 47-day ROI. This rally saw a halt after the price action poked its nearly six-month high on 7 November.
The bears ensured to counter the rally by showing resistance at the $648-mark. After which, the price withdrew by nearly 8% over the past five days.
At press time, BNB traded at $613.4, while the technicals suggested a pullback in the near term. The RSI stood at the 40-mark after plunging from the midline. Also, the MACD and AO flashed red signals, indicating a decreasing buying momentum.
However, a bullish divergence occurred between the RSI and the price action. This reading depicted that if the buyers can gather momentum, they could breach the $648-mark.
Bitcoin Cash (BCH)
Source: TradingView, BCH/USDT
BCH performed well for over a month by steadily ascending within the parallel channels. The ascent resulted in a 38.92% 43-day ROI. As a consequence, the altcoin touched its nine-week high on 10 November. Since then, the bears countered the bull pressure while the price action obliged the trendlines. This pullback resulted in a 9% correction over the past three days.
Although BCH saw a 1.95% decline over the past day, the price traded above its 4 hour 50-SMA (yellow). This reading indicated a preference for the bulls as they kept breaching the support levels. However, near-term technicals favored the sellers. At press time, BCH traded at 660.7.
The RSI was slightly below the half-line but was in an uptrend. Also, the MACD and AO pointed at the growing selling strength. Nonetheless, the Squeeze Momentum Indicator displayed a black dot while hinting at a squeeze phase with low volatility. This reading, coupled with the uptrend in RSI, could give the bulls the impetus to trigger an elevation.
Solana (SOL)
Source: TradingView, SOL/USD
Over the past five weeks, SOL undertook a bullish trajectory and oscillated between the parallel channels. The ‘smart contract platform’ recorded 54.46% ROI. Consequently, the price broke the upper trendline to strike its ATH at $259.995 on 6 November.
Subsequently, SOL saw a retreat as the price stepped back into trend. At press time, SOL was in a retraction phase and traded at $227.945. Over the past day, RSI dipped from the half-line to the 37-mark. This plunge notably depicted increasing bearish momentum.
However, RSI showed signs of revival as it backtracked toward the midline. Additionally, MACD and the AO histograms favored the sellers by flashing red signs. However, the ADX line displayed a weak directional trend.
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