The Altcoins Generating Buzz Today – March 11

The cryptocurrency market has continued its downward trajectory, losing $57 billion in market cap today amidst pervasive bearish sentiment among investors.

Despite the overall decline, a few altcoins have managed to capture the attention of traders. Notable among them are Elixir (ELX), BNB (BNB), and Arkham (ARKM), each making headlines today.

Elixir (ELX)

Elixir operates as a modular decentralized liquidity network. This altcoin is gaining traction today, having briefly reached an all-time high price of $0.75 during early trading in Asia.

Though a slight pullback has occurred since then, ELX has skyrocketed by 37% over the last 24 hours, indicating strong buying momentum.

The daily trading volume also reflects high demand, with totals reaching $117.78 million—an impressive rise of nearly 90% compared to the previous day.

If this robust demand continues, ELX could potentially extend its price rally, with aspirations of surpassing its previous all-time high.

However, if profit-taking intensifies, ELX might retract to a price of $0.53.

BNB (BNB)

The BNB token is also trending today. Affected by the broader market downturn, BNB has experienced a slight dip of 0.1% in the last 24 hours, currently trading at $549.90.

Examining the daily chart, the coin's Relative Strength Index (RSI) is situated below the neutral line, currently at 36.75. This level confirms active selling pressure in the market, signaling possible further downside.

An asset's RSI assesses the overbought or oversold conditions in the market, ranging from 0 to 100. Values exceeding 70 indicate an overbought asset, likely to see price corrections, while readings below 30 suggest an oversold asset may soon rebound.

At 36.75, BNB's RSI hints at continued bearish trends but is shy of entering oversold territory (below 30), suggesting that while selling pressures dominate, a market reversal or further declines could hinge on prevailing conditions.

If selling persists, BNB's price could potentially drop to $519.73.

Nevertheless, should demand surge, BNB could rebound to as high as $563.51.

Arkham (ARKM)

Contrary to the broader market trend, ARKM has noted a 10% increase over the past 24 hours. Earlier on Tuesday in Asian trading, this altcoin briefly peaked at a weekly high of $0.73 before correcting downward.

Market indicators, such as the Balance of Power (BoP) for ARKM, show significant buying pressure. Currently, this indicator stands at 0.37.

A positive BoP indicates that buyers are exerting more influence over price movements, suggesting that if this momentum persists, ARKM could trend higher.

In this case, the altcoin might breach the resistance level around $0.62 and reach towards $0.85.