During the week May 20-26, the top three highest performers of the Top Ten Market Cap Coins were Litecoin (LTC), Binance Coin (BNB) and Bitcoin (BTC). In this analysis, we examine the price fluctuations of all three. Then we summarize our findings in the conclusion.
Binance Coin Reaches ATH
On May 11, the price of Binance Coin reached a low of $17.79. An increase ensued, and on May 15, the price reached a then all-time high (ATH) of $28.76. Subsequently, the price continued rising and breached the $35 level on May 25, 26, and 27.
During this period, BNB has been trading within an ascending channel. The highlighted part in the graph below is the price of BNB during the measuring period of May 20-27.
The price has gradually increased within this channel without experiencing significant fluctuations. The movements between resistance and support have not created identifiable patterns. However, the increases seem to be slightly more rapid than the decreases.
At the time of writing, the price was trading near the middle of the channel.
Litecoin Looking Up
Since May 12, Litecoin has been trading above a horizontal support line. A descending resistance line emerged on May 16 when a high of $106.98 was reached.
On May 20, LTC was still trading within the descending wedge. The resistance line was subsequently validated several times between May 21 and 22. Then the price fell to the support line.
It rebounded on May 23, and the price broke out of the wedge the following day. Since then, the price has surged. The highlighted portion of the graph below represents price fluctuations of LTC between May 20 and 27.
The price has touched the support line four times before breakout. On May 25, it reached a high of $105.4. After a slight decrease, the price surged again and reached a higher high of $116.0 on May 27.
Bitcoin with the Bulls
On May 16, the price of Bitcoin reached a high of $8352.3. A decrease ensued and the price made a low of $6999.9 on May 17. It then began trading within a symmetrical triangle outlined below. A spike on May 26, however, caused a breakout from the trading pattern.
The highlighted portion of the graph below represents price fluctuations for BTC between May 20 and 27:
A high of $8958.3 had been reached on May 27. The price has since dropped slightly but may be poised for greater gains. In our latest technical analysis of Bitcoin, we predicted that $10,000 may be the next target.
Which Coin Went Higher?
In this final section, we compare the percentile gains of these three coins to see which has experienced the most significant increases. In the graph below the price of BTC (candlesticks), LTC (purple line) and BNB (yellow) are compared side by side. The right-hand side represents the rate of increase/decrease in percentage terms.
Initially, all three coins began to decrease slightly. However, on May 21, BNB began a rapid upward movement. After a slight decrease, it began increasing again on May 24. It reached a high on May 26 and had increased by slightly more than 20% since the beginning of the measuring period. However, a gradual decrease ensued and the price ended the measuring period with an increase of 19.73%.
Litecoin and BTC followed a similar pattern, however, LTC experienced slightly sharper decreases for LTC until May 24 when it spiked. On this day, BTC BTC stagnated. However, on May 26, they again mirrored each other movement when they initiated upward moves.
LTC ended the measuring period in 2nd place, while BTC was last.
The full results are shown in the table below:
|Asset||Rate Of Increase||Position|
Do you think Binance Coin will continue to increase? Will BTC begin a reversal? What about LTC? Let us know your thoughts in the comments below!
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.