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The crypto market has been exhibiting mixed signals, with the biggest cryptocurrency, Bitcoin, noting a minimal rise while altcoins take the lead. In line with the same, Binance Coin and Fantom stood among the few that pushed to keep the total value of all cryptocurrencies above $1 trillion.

Binance Coin price could be seen inching closer toward the critical resistance at $334.7 after marking another 7.35% rise on Thursday. Trading at $327.6, the cryptocurrency simply needs more bullish support from traders to push the price to mark new 2023 highs.

The Moving Average Convergence Divergence (MACD) indicates a bullish crossover for BNB, which could support the case. But the Relative Strength Index (RSI) is also inching closer to the overbought zone above 70.0. This zone is usually indicative of either a trend reversal or pullback.

BNB/USD 1-day chart

Thus if Binance Coin price corrects and declines below the critical support level at $294.5, it could crash to the year-to-date lows of $264.9. This would invalidate the bullish thesis and result in a 20% crash.

Before marking a 5% increase on Thursday, Fantom price was just recovering the 12.9% decline noted just the day before. However, the green candle came in clutch and managed to keep it above the critical support at $0.386.

Trading at $0.4064, the altcoin is open to further rises, as indicated by theRSI. The indicator is at the neutral line at 50.0, and a flip of the same into support would likely trigger a positive reaction. Although in order to seal the bullishness, the Fantom price would need to breach the critical resistance level above $0.492.

FTM/USD 1-day chart

Failure to breach the same could result in a decline, and this time around, it could push FTM below the critical support at $0.386. This would invalidate the bullish thesis and also mark a 27% crash for the altcoin.

Originally posted here:
Altcoins Of The Day: Binance Coin and Fantom lead the recovering cryptocurrencies in the market - FXStreet