Bitcoin price is hovering around $27,500, but not all cryptocurrencies follow a boring price route. Some altcoins are bringing smiles to their investors’ faces with small yet significant exceptions. One of these altcoins recently experienced a 70% surge and reached its highest trading volume in 19 months. So, what are the current expectations?
BNT Coin, which experienced a 70% surge in price over the weekend, has stabilized today. The price has been trying to break through the horizontal resistance zone below $0.62 since March 2023, but it has not been successful yet.
It has been experiencing gradual increases since June. The latest surge on October 8, when it bounced off the ascending support line, resulted in a 50% increase. This weekend’s movement at one point led to a 72% daily gain.
However, due to the negativity around Bitcoin, the same thing we always say happened. Surges in altcoins with low market value are seen as selling opportunities in bear markets. While many popular cryptocurrencies hover near historic lows due to lack of interest, altcoin rallies triggered by speculative traders are not sustainable.
It is important for investors not to neglect taking profits in such movements. Indeed, this was exactly the case with BNT Coin. The price dropped below $0.62 again.
Examining the surge on October 8 can give us an idea about the future price. In terms of on-chain activity, we see a significant increase. BNT Coin reached 797 active addresses, which it last saw 2 years ago. Additionally, 157 new addresses were created on the same day, indicating increased interest in the project.
Another interesting development is that a wallet suspected to belong to Upbit exchange has accumulated 4.71 million BNT tokens in the last 11 hours. This corresponds to 3.3% of the total supply. This is where the speculative traders come into play.
The technical reading on the weekly chart was promising. The price, which broke out of the declining resistance trend line of 940 days, can continue the rally with closings above $0.6. The RSI supports the upward movement, and if the increase continues, a 400% increase can be tested with resistance at $3.20 on closings above $0.6-$0.62.