July 2, 2024, saw the crypto market experience swings as major tokens underwent noticeable moves. An increased number of altcoins such as Bonk (BONK), Beam, and MultiversX (EGLD) outshone the general market recovery. The analysis goes into detail on these movements, highlighting what drives them and what that means for the wider economy.
Bonk has jumped 7.28% in the last 24 hours. It’s now at $0.00002591 with a 104.93% increase in trading volume to $348.64M. Bonk’s market cap is up 7.34%.
Bonk’s technicals show it is in a bullish momentum. Recent price action is looking like a breakout above $0.00003. If that resistance is broken, Bonk could go to $0.00004 for big gains. $0.00002 is strong support and a floor for any market dips.
Beam (BEAM) has seen its market performance increase massively in the past few days. This is reflected by the recent 10.03% rise in price bringing it to $0.01868 and a market cap of $924,231,361, which is a 9.26% increase.
On the daily chart of this cryptocurrency’s movement of prices, it recently broke through the SMA line hinting that it may be reversing from its previous downtrend. It suggests increased buying pressure due to this break out. The Woodies CCI is in the overbought area at present giving more strength to bullish sentiment. However, there could be little retracement soon.
A remarkable surge has also been recorded by MultiversX with an increase of its price and by 5.61% to reach $31.91.The coin’s volume exploded at above 204.64%,indicating enhanced activity and interest among traders.MultiversX technical indicators are positive as the token tests resistance at $32 presently.A firm move beyond this point might take EGLD towards higher resistance levels.
This is part of a bigger move over the last week. The Stoch RSI is at 100 which means overbought and could mean a pullback or consolidation soon. But the regular RSI is 52.53 which means the market is gaining momentum but not yet overbought