When Bitcoin and Ethereum lost their long-term supports, Binance Coin and Tron touched their multi-month lows on January 8. Now, the 20-EMA represented a powerful resistance for them. Furthermore, MATIC lost the critical 61.8% Fibonacci support level.
Moneda de Binance (BNB)
Since Nov 26, BNB tested the $ 512 level support several times while marking lower peaks. Therefore, you saw a descending triangle (yellow) on your 4-hour chart, visibly showing the increase in selling pressure.
The aforementioned level offered the highest trading volumes in the last four months. But the sell-off on Jan 5 reinforced BNB’s already existing bearish vigor as the alt saw a patterned collapse.
With a loss of more than 18% of its value (since January 5), the altcoin reached its three-month low on January 8. As a result, the gap between the EMA tapes rose while EMA 20 stood as an immediate hurdle for BNB bulls.
At press time, the alt was trading at $ 442.8. The RSI saw a rise after a bullish divergence with price action. Consequently, BNB exited the downstream channel (white). Now, the Squeeze Momentum indicator Black dots flashed, hinting at a low volatility phase.
The alt posted an ROI of nearly 70% (from the December 14 low) and rallied towards its ATH on December 27.
Since then, it has tested the 38.2% Fibonacci support several times as the bears continued to increase the selling pressure. After a nearly 23% pullback (since January 5), MATIC reached its three-week low on January 8. As a result, it lost the vital 61.8% while regaining the 78.6% Fibonacci support.
At press time, MATIC was trading 27% below its ATH at $ 2,138. Since December 28, the RSI failed to mark a convincing close above the midline. Although it saw a bullish divergence with the price, it struggled to cross the midline.
Additionally, the Awesome Oscillator was below balance, but was showing increasing buying pressure by marking higher troughs.
Tron has been in a persistent downtrend after it hit its six-month high on November 15. Since then, the alt has marked a bearish flag and three descending channels on its 4-hour chart. Consequently, it lost almost 50.27% of its value to date.
While the price moved sideways in the previous demand zone (now supply zone, yellow rectangle), buyers did not intervene as TRX retreated almost 17% (since January 5). As a result, the altcoin hit its five-month low on January 8. The gap between The EMA tapes rose while the 20 EMA held as a test point for the bulls now.
At press time, TRX was trading at $ 0.0666. While the $ 0.064 support remained strong, the RSI rose from oversold territory after testing it three times in four days. Although the MACD lines were below equilibrium, they represented increasing purchasing power.
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Binance Coin, MATIC, Tron Price Analysis: Jan 10