Altcoins recover after July's surge, BNB charts show higher-low pattern, and a sustained address uptrend could spark the next leg.

Altcoins recover after July's surge, BNB charts show higher-low pattern, and a sustained address uptrend could spark the next leg.

In recent weeks, altcoins have demonstrated a notable recovery, signaling a potential resurgence after the market's July surge. The BNB charts have also shown a higher-low pattern, suggesting a sustained address uptrend that could spark the next leg of the crypto bull run.

The altcoin market, which includes a diverse range of cryptocurrencies, has shown signs of recovery following a period of volatility. The excitement generated by upcoming events like the Illuvium Pro League 2025 has driven the price of ILV, the token of Illuvium, a blockchain game based on the Ethereum network, to soar. ILV has seen a 60% increase in the last week, with its cumulative increase exceeding 115% over the past month [1].

The Illuvium Pro League (IPL) is a high-level competition within the Illuvium ecosystem that promises to revolutionize the dynamics of the game. The event, which begins on August 16, has generated significant interest and enthusiasm among both retail and institutional investors. The competitive structure, token prizes, and the possibility of qualifying for the Main Event have driven the ILV token price higher [1].

However, while the excitement surrounding the Illuvium Pro League has boosted the ILV token price, technical indicators show clear signs of caution. The Relative Strength Index (RSI) remains above 70, indicating an overbought market that is prone to corrections. Additionally, the behavior of long-term holders suggests that some may be selling to take advantage of recent gains, which could generate short-term bearish pressure [1].

BNB, the native token of the Binance Smart Chain, has also shown positive signs. The BNB charts indicate a higher-low pattern, suggesting a sustained uptrend in the number of addresses holding BNB. This pattern is often associated with a bullish market, as it indicates increased adoption and interest in the token. The sustained address uptrend could spark the next leg of the crypto bull run, as more investors enter the market [2].

In conclusion, the altcoin market is showing signs of recovery, driven by events like the Illuvium Pro League and the sustained address uptrend of BNB. However, investors should remain cautious and monitor technical indicators and market behavior closely. The performance of the coming days will be key to determining whether the rally consolidates or if we're facing an imminent correction.

References:
[1] https://news.bit2me.com/en/Altcoins-soar-ahead-of-major-event
[2] https://partner.cryptopolitan.com/next-crypto-to-explode-top-altcoins-under-1-to-buy-right-now-for-the-next-bull-run/