Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

Market Analysis: BNB Falters as XRP, ADA, and TON Lead Weekly Gains

CoineditionCoinedition2024/05/18 14:25
By:Victor Olanrewaju
  • BNB price declines by 1.25% while XRP, ADA, and TON see gains.
  • Cardano and XRP approach overbought levels, indicating potential declines.
  • BNB and TON show rising volatility, suggesting possible price surges.

Altcoin prices recorded mild increases in the last seven days. While some performed better, others struggled to maintain the momentum. One of those facing difficulties was Binance Coin (BNB).

According to CoinMarketCap , BNB’s price declined by 1.25% over the past week. However, Ripple (XRP), Cardano (ADA), and Toncoin (TON) showed notable performance. As of press time, XRP’s price increased by 4.02%, ADA’s value rose by 8.10%, and TON moved up by 7.05%.

Despite the weekly gains, some tokens have failed to sustain their increases in the last 24 hours. This article by Coin Edition examines the performance of XRP compared to ADA, and BNB against TON.

XRP vs. ADA

When compared with ADA, XRP underperformed. ADA’s returns were consistently higher, averaging 5% more than XRP.

Furthermore, Coin Edition looked at the Money Flow Index (MFI) and noticed that it was 85.51. Reading over 80.00 implies that an asset is overbought. When the MFI is 20.00, it indicates that the asset is oversold.

Cardano was also approaching overbought territory, suggesting a potential price decline. For XRP, the price could drop back to $0.50, while ADA, recently at $0.48, could decline to $0.46.

XRP/USD Against ADA/USD 4-Hour Chart (Source: TradingView )

BNB vs. TON

For BNB, the price stalled at $580 with an overhead resistance at $600. A rise in buying pressure could send BNB’s price above the resistance. A look at the Bollinger Bands (BB) showed that volatility around the token was increasing

This volatility implies that the price could surge higher in a bullish scenario, and the dump could be harder in a bearish one. TON displayed a similar pattern to BNB suggesting that if BNB’s price increases, TON might follow suit.

BNB/USD Against TON/USD 4-Hour Chart (Source: TradingView )

In the meantime, the Awesome Oscillator (AO) was negative, but the green bars indicated that a bullish momentum might surface which could take TON to $7.50 and BNB toward $612.

The recent shifts in altcoin prices underscore the volatile nature of the cryptocurrency market. While assets like XRP, ADA, and TON have demonstrated resilience, fluctuations in BNB highlight ongoing challenges.

Even as traders navigate these changes, the potential for significant price movements remains high, driven by market dynamics and investor sentiment.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

The total open interest of BTC options on the entire network is $18.87 billion

Cointime2024/06/02 06:10

A certain address bought 19.6 million MOTHER for $78,700, which is currently worth about $1.1 million

Cointime2024/06/02 06:10

The number of Bitcoin transactions on the chain reached 18.19 million in May, a record high

Cointime2024/06/02 05:16

Declining popularity of Ordinals and Runes leads to lower Bitcoin on-chain fees

Cointime2024/06/02 04:58

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
9359.81%
ROI
Total profit $47735.04
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1269.4%
ROI
Total profit $3685.87

Bot copy trading

More
BGUSER-FFF8CNJ4
BGUSER-FFF8CNJ4
insight8/150
$7892.34
Total profit
Total subscriber profits $210.93
TopTrader85
TopTrader85
insight150/150
$13284.03
Total profit
Total subscriber profits $137.16