According to the blockchain intelligence firm Santiment, the recent period has witnessed a vigorous surge in the trading volumes of Polygon (MATIC) and Binance Coin (BNB). Their remarkable surge has sparked some interest, specifically in the overall altcoin market, which has also seen a substantial increase in trading volumes. This trend has followed a period of stagnation for Bitcoin (BTC), which struggled to break the $31K barrier, as revealed by Santiment in a tweet:
📈 As trading volume fluctuates back to altcoins, two assets are seeing particularly high interest: MATIC and BNB. Bitcoin continues to tease the $31k level before profits are redistributed to various cryptocurrencies. Target those under the radar.
The trend in trading volumes as per the CoinMarketCap indicates interesting fluctuations for both BNB and MATIC. Here are the specific insights:
Binance Coin (BNB) Overview:
- Current traded value: As of today, BNB is trading at $249.47 with a 24-hour gain of 0.89%.
- Weekly performance: The minor increase in daily trading has seen BNB’s weekly performance increase to +2.46%.
- Total trading volume: Despite the increase in value, BNB’s total trading volume has experienced a decline by 45.09% over the past 24 hours, with the daily volume recorded at $489,715,281.
- Future projections: From a technical perspective, BNB’s preparing to challenge the resistance level at $252.70. A successful break above could carry it to $264.40. Conversely, failure could lead to a drop towards the $230.10 support level.
- Recommended strategy: Traders and investors should pay attention to the 9-day and 20-day EMA lines over the next few days, as the crossing of these two lines could change the trend direction.
Daily chart for BNB/USDT (Source: TradingView)
Polygon (MATIC) Overview:
- Current traded value: The Layer-2 crypto coin, MATIC has seen a slight decline of 0.24% in the day’s trading which brought its price down to $0.7412 at press time.
- Weekly performance: Despite the 24-hour drop, the weekly price performance remained positive, up by +5.97%.
- Total trading volume: Similar to BNB, MATIC’s daily trading volume saw a dip of 40.89% coming down to $315,283,874 at press time.
- Recent breakthroughs: MATIC broke the key resistance level at $0.7191 over the past 3 days. If it maintains above the 50-day EMA line, it may advance to the $0.8141 mark in the next 48 hours.
- Potential risks: However, a drop below the 50-day EMA line might indicate a risk of a price decline towards $0.6486, which could be pressure-driven.
Daily chart for MATIC/USDT (Source: TradingView)
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