On 6 April 2021, with its $414.36 pricing crossing, Binance Coin hit a new ATH. Whereas the assets sold at $399.44 in the press, retail traders are still bubbly on the Altcoin and are currently expecting a $500-level rally.
The BNB as an altcoin has more to do with the price trend over the last 24 hours and last week than prices have changed. Indeed, the capitalisation of the market and the contribution of BNB to crypto-market capitalization influences this. The asset is currently excessively bought on the basis of the Alt pricing chart and crypto Twitter analysts.
However, the demand on spot exchanges has not been affected. In addition, the $400 level that BNB has passed in the last two days has long been seen as psychologically important for on-site exchange asset prices. In the extended price rally for BNB, whale movement and focus by large HODLers have also played a critical role.
Based on the above figure, although the number of transfers has declined since 3 April 2021, it is still above the February and March 2021 average. If the transfer count remains higher than the average over the remainder of the week, the price rally may be continued.
Also in the bullish narrative of altcoin, BNB’s price rally signaled a change. The story has shifted from double-digit gains and fast exits to increased market capitalisation and liquidity capitalization through HODLing and higher tranchen profits. This is evident from the cyclic and gradual price rally that has emerged this season for most Altcoins from the price charts.
Take this – Eve of this changing narrative, even other top altcoin projects such as DOGE and MKR can have a longer price rally. In the case of DOGE, the volume of trade has grown by more than 39%, based on intra-block data. However, based on the number of transactions this week, the total expected transactions in April2021 are below 200k in March2021.
The price rally can be extended during the next week, unless a loss of momentum occurs. Given that the price was at a press conference more than 25 percent from its ATH, the price rally may probably continue even further instead of consolidation.
In the MKR case, the main metric is an unusual shopping activity apart from the metrics that signal a change in trend for Binance Coin and Dogecoin. This demand spike across trade seemed to indicate a bullish shift in the price of the altcoin. More than 5 BTC MKRs in less than 5 minutes were sold on 7 April 2021.
The 24-hour MKR’s trade volume was over 2 600 BTC in order to put this into perspective. The 5 BTC transactions therefore matter to MKR. Although almost 75% of HODLers have been profitable in the press time price range, the extended rally may in the short term drive an additional increase in ROI and prices. Actually, in the following weeks MKR can be expected to climb up to $2,400 on charts.