Binance Coin Follows Downtrend Along With Litecoin And Dogecoin

The Binance coin follows the downtrend pattern and Litecoin and dogecoin seem to follow as we are reading in today’s BNB news.

Most of the altcoins on the market enjoyed the high correlation stats with Bitcoin and while this is often a boon when the king coin is pumping, sometimes it doesn’t mean anything and most of the assets don’t follow it. However, as of the recent BTC downtrend, most of the altcoins including Binance coin, LTC, and Dogecoin, followed the steep downfall.

Litecoin was heavily affected by the Bitcoin’s fall right before the much-anticipated halving on the 11^th of May but it did recovery well in the immediate aftermath. The success of the coin was almost reversed by the present drop in the altcoin’s price and LTC dipped by more than 3% over the past day, nearing levels previously seen at the start of the month.

The drop in price was evidenced by the Bollinger Bands as the mouth of the indicator was spreading. The signal line continued to surge over the MACD line on the charts as well. With the regular updates on the developments, apart from the mimble wimble news, Litecoin’s Charlie lee was is the news after he assured that the community that is against the implementation, it will bring a learning curve. He also argued that the hidden inflation poses a risk to the users of the asset but they should be willing to take it.

As for the BNB news, the Binance coin follows the downtrend just as Litecoin did. The coin hasn’t had a lot of developments to speak of recently but the exchange was in the news a lot. Binance was in the news for announcing the CZ-backed supporting travel portals Travala.com and TravelByBit merge. The token had steady progress but with the latest BNB price fall, it went down by 4% in a day. BNB continued to distance itself from both the resistance and support on the charts.

The market indicators for BNB were not optimistic but while the parabolic SAR is positioned well above the price candles, the Chaikin Money Flow noted a steep fall on the charts almost going to zero. On the other hand, DOGE was not among the best performers on the market. the altcoin did seem to have a decent position on the charts, despite the fact that it did register a 4% drop in one day.