- Santiment tweeted today that the overall altcoin market has seen an increase in trading volume over the past few weeks.
- The firm revealed that MATIC and BNB experienced the greatest increases in their trading volume.
- Technical indicators for both BNB and MATIC suggested that their prices may rise in the next 48 hours.
The blockchain intelligence firm Santiment revealed in a tweet earlier today that Polygon (MATIC) and Binance Coin (BNB) have seen their trading volumes increase significantly over the past few weeks. According to the post, the overall altcoin market has seen its trading volume increase as Bitcoin (BTC) struggled to break above the $31K barrier.
As trading volume fluctuates back to #altcoins, two assets are seeing particularly high interest: $MATIC and $BNB. #Bitcoin continues to tease the $31k level before profits are redistributed to various #crypto assets. Target those under the radar. https://t.co/cAPVcBuLUc pic.twitter.com/5ObVp24WXS— Santiment (@santimentfeed) July 12, 2023
At press time, CoinMarketCap indicated that BNB traded at $249.47 following a 24-hour gain of 0.89%. This positive daily performance pushed the altcoin’s weekly performance further into the green to +2.46%. Meanwhile, BNB’s total trading volume experienced a 45.09% drop over the past 24 hours. As a result, the crypto’s daily volume stood at $489,715,281.
Daily chart for BNB/USDT (Source: TradingView)
From a technical perspective, BNB was looking to challenge the resistance level at $252.70. Should the altcoin successfully break above the key price point, it may have the momentum needed to rise to the next major level at $264.40 in the following week.
Conversely, BNB’s price failing to break above $252.70 may result in it falling to the crucial support level at $230.10. Investors and traders may want to keep an eye on the 9-day and 20-day EMA lines over the next few days. Should the two lines cross, it will be a bullish flag that will invalidate the bearish thesis, and BNB’s price may rise to $264.40.
Meanwhile, MATIC saw its price drop 0.24% over the past day of trading. This brought the Layer-2 crypto’s price down to $0.7412 at press time. Despite the 24-hour drop, MATIC’s weekly price performance remained in the green at +5.97%. Similar to BNB, MATIC’s trading volume was also down.
The crypto’s daily trading volume stood at $315,283,874 at press time. This was a 40.89% drop in the total over the past day of trading.
Daily chart for MATIC/USDT (Source: TradingView)
MATIC was able to break above the key resistance level at $0.7191 over the past 3 days – flipping the level into support in the process. Notably, the altcoin’s price was also able to break above the 50-day EMA line, where it continued to trade at press time. If MATIC closes today’s daily candle above the technical indicator, then it may climb to $0.8141 in the next 48 hours.
On the other hand, if MATIC closes today’s daily candle below the 50-day EMA line then it may be at risk of losing the support of the aforementioned $0.7191 mark. Continued sell pressure may even push MATIC’s price down to $0.6486 in the following few days.
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