Crypto Market Sees Altcoin and Memecoin Surge as Binance Coin Hits New High
Binance Coin (BNB) has seen significant gains in recent months, and its current structure may be pushing altcoins and memecoins towards new heights.
The price of BNB is currently trading around $713, after momentarily hitting the $725-$730 range. It has clearly surpassed its major moving averages, with the 20-day EMA accelerating to about $668. The longer-term averages are still grouped around $623-$651, but the current bullish structure's primary support range is now $650-$670.
The momentum is a problem right now, as BNB is in overbought territory with an RSI of about 73. Buyers are facing significant opposition, and a short-term correction or sideways consolidation would be typical instead of the breakout being immediately invalidated. A daily close above $730 could open the path towards $750-$760.
Uniswap (UNI) has entered a far more aggressive phase of its recovery, doubling in less than three weeks and surpassing all of the daily chart's major moving averages. The price is currently about 33% above its 20-day EMA, making it significantly overbought. A breakout above $6.50 could move towards $6.80 and possibly $7.00.
Gram (GRAM) is still stuck in a bearish market structure, trading below all of the major moving averages visible on the daily chart at around $1.36. The closest technical barrier is the 20-day EMA at $1.39, which is closely followed by another moving average at $1.40.
Chainlink (LINK) has maintained a much stronger technical structure after its explosive August breakout, with the price still comfortably above the rising 20-day EMA at roughly $10.69. The primary resistance is between $12.00 and $12.20, which LINK has frequently struggled in this area.