Some of the altcoins have put on great gains since the fall-out over the yen carry trade. Binance Coin ($BNB), Toncoin ($TON) and Avalanche ($AVAX) are rallying hard. Will they continue to do so?
All depends on Bitcoin
There are certain altcoins that have rallied hard over these last several days, putting on gains into the double digits. Of course, a continuance of this surge will surely depend on Bitcoin, but should the king of the cryptocurrencies continue its own upward trajectory, $BNB, $TON, and $AVAX could follow suit, and potentially even persist in outperforming.
$BNB holding critical support
Source: TradingView
Binance Coin ($BNB) has rallied around 30% since the Japan crash. This equates to a $120 increase in the price, and has put $BNB firmly back inside its bull flag/triangle pattern once again. The orange horizontal support line corresponds with support/resistance as far back as April 2021, so this will be a critical line to hold.
$TON rallies out of double bottom
Source: TradingView
Toncoin ($TON) really is the stand-out performer for these last few months. The Japan crash took the $TON price down a good 30% over the period of just a few days. However, this allowed the price to form a double bottom, and since then, $TON has even exceeded its price before the crash.
What is more, $TON broke through the downtrend, pierced the resistance at $6.62, and is now battling with resistance at $6.90. With the wind in its sails once again, look for the $TON price to go back to its all-time highs and beyond.
$AVAX bulls have much work to do
Source: TradingView
Avalanche ($AVAX) isn’t on the same level as $BNB or $TON, as regards price appreciation over the last several months, but it has experienced a gain of over 20% over the same recent time period.
That said, $AVAX is currently up against an extremely important horizontal resistance level which has also acted as support/resistance since April 2021. Breaking and holding this level will be critical for the $AVAX price if it is to compete during the latter part of this crypto bull market.
Finally, $AVAX is in a very pronounced downtrend against its $BTC pairing, which is currently down 69% since the beginning of the year. This is unlike $BNB and $TON, which are up 28% and 150% respectively against the number one cryptocurrency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
