Cryptocurrency Price Analysis: MATIC, BNB, FIL, ETC, NEO

Majority of Altcoins Have Reached Critical Resistance Zone And Looking Vulnerable For Significant Corrections
  • The overall market sentiments remained bullish during the trading session of February 10, 2021. 
  • Altcoins relished the bullish wave in which several coins made new ATHs. 
Source: Coin360

Both BTC and ETH traded on uncharted bullish territories during the trading sessions. Bitcoin (BTC) looked to develop sustainability in the new bullish regime after the emergence of the new big corporate whale, Tesla, helping the world’s largest cryptoasset to achieve new ATH. On the other hand, Ethereum (ETH) is also relishing on the positive sentiments created by CME’s Ether futures contract droving more than $30M volume on the first day. For having an overview of the altcoins, Cardano (ADA) took over XRP in terms of ranking; meanwhile, Polkadot (DOT) and Binance Coin (BNB) also looked in the potential for a takeover. This might indicate that XRP might loose its Top-5 cryptocurrency ranking spot in upcoming days. 

Matic Network (MATIC) 

Source: MATIC/USD on Tradingview

Matic Network is currently on its All-Time High Level of $0.17 after breaking above its consolidation range of $0.040. The cryptocurrency price is placed at $0.1332 with an overall gain of 81.09% over the day. The overall gain on monthly timeframe has reached 380.00%. The market capitalization of the coin witnessed an incline of 85.87% with the 24-hour volume traded having a fresh surge of 243.52% over the day. The sudden bullish move is said to be the positive cause of Matic Network shifting towards Polygon in order to fix Ethereum’s transaction limitations.  

Binance Coin (BNB) 

Source: BNB/USD on Tradingview
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Binance coin is soaring to new bullish regimes with the new All-Time high set by the bulls around $148.00 during the current market session. The cryptocurrency price is placed at $140.45 with an overall gain of 52.56% over the day. The market capitalization witnessed an incline of 52.87% with the 24-hour volume traded having a fresh surge of 165.23%. The product diversity of Binance might have helped the price levels for this terrific surge. BNB certainly fuels the whole Binance ecosystem with diversified offering in staking, farming of newly released tokens. Binance also has its own stablecoin (BUSD) and decentralized exchange (Binance DEX). Its DEX also has another product, Binance Smart Chain (BSC), a platform that allows developers to build in DeFi. 

Filecoin (FIL) 

Source: FIL/USD on Tradingview

Filecoin reclaimed the bullish mark of $50.00 during the current market session. The cryptoasset participated in the altcoin rally resulting in an overall gain of 30.00% over the day. The cryptocurrency price is placed at $39.16, indicating that a correction might be on the way after a sharp surge. The market capitalization witnessed an increase of 31.35% with the 24-hour volume traded having a fresh surge of 121.51%. If the overall market conditions are exposed to corrections in the upcoming sessions, one can expect FIL to retest its crucial support point of $26.00. 

Ethereum Classic (ETC) 

Source: ETC/USD on Tradingview

Ethereum Classic attempted to have a bull run in order to retest its All-Time high of $13.00 which was halted by the major resistance level of $11.00. The cryptocurrency price is placed at $10.22 with an overall gain of 12.55% over the day. The market capitalization has increased by 12.31% with the 24-hour volume traded having a fresh surge of 57.27%. RSI has taken a negative divergence due to the resistance level coming into play. MACD also suffered a bearish crossover indicating that a potential correction might be on the way for the cryptoasset.  

Neo (NEO) 

Source: NEO/USD on Tradingview

Neo also participated in the bull run by having an overall gain of 10.125 over the day bringing the cryptocurrency price to $32.37. The market capitalization has increased by 9.50% while the 24-hour volume traded had a fresh surge of 49.80%. The price levels had retraced back from $36.00 suggesting presence of strong resistance. A negative breakout below the crucial mark of $30.00 might indicate more corrections to come. Both RSI and MACD have taken a negative divergence in the levels respectively. 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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