The markets had a bullish tinge in recent hours as heavy bidding pumped Bitcoin to $43k. Binance Coin and much of the rest of the altcoin market followed suit and registered strong gains. Stellar Lumens and Shiba Inu had a bullish leaning as well, while ApeCoin also suggested that its market structure flipped to bullish.
Binance Coin (BNB)
Binance Coin has been strongly bullish in the past few days, and had managed to beat the $401 level and encountered an area of supply at $410 in recent hours.
The price was rejected at $409.8, and appeared to be headed back toward a near-term area of demand at the $400 area. Beneath $400, the liquidity at the $386 level could also be revisited. The indicators showed that both momentum and buying pressure has been strong recently. The RSI was at 61.5 and the OBV has been on an uptrend.
Shiba Inu (SHIB)
Based on the swing lows and highs for SHIB from $0.0000212 to $0.0000255, a set of Fibonacci retracement levels (gray) were plotted. It showed that the 61.8% retracement level at $0.000022 has acted as a demand region in the past few days.
The Supertrend indicator has also flipped from sell to buy in the hours before press time, while the RSI was above neutral 50 and showed momentum had shifted in favor of the bulls. The CVD indicator also flipped green to show some demand was seen in recent hours.
Stellar Lumens (XLM)
Stellar Lumens had formed a symmetrical triangle pattern (white) since the last week of February, and broke out to the upside in mid-March. Since then, the $0.1915 local resistance and the $0.2015 longer-term horizontal levels have both been converted to support.
The Awesome Oscillator showed strong bullish momentum, and the Directional Movement Index also showed a steady uptrend in progress. The Chaikin Money Flow showed significant capital flow into the market as well.
In the short while that this pair has been trading on Binance, the trend has been pointed to the downside. However, that looked likely to be broken. On the downtrend, the latest lower high at $11 was broken in recent hours, and the price has also formed a higher low since the $9.5 lows.
Alongside, the RSI has also climbed past neutral 50 to suggest that momentum was in favor of the bulls. The OBV has not registered a higher high yet, but it does have higher lows, and this suggested increased demand in the past couple of days.