As Bitcoin navigates through the recovery phase forming an ascending channel, it saw a pullback over the last day. Therefore, the general sentiment remained close to the ‘fear’ zone.
Altcoins like Binance Coin, VeChain, and EOS resonated with this pullback while showing signs of revival.
Moneda de Binance (BNB)
Since BNB hit its seven-month high on November 7, price action struggled to maintain its previous supports. While the alt stopped its long-term uptrend, it held the crucial eight-week support at the $ 505 mark.
During the recent recovery phase, BNB formed an ascending channel (white) as the bulls broke a strong (previous) resistance point at the $ 532 level.
Currently, the price action saw resistance at the $ 550 mark as the bulls scrambled to retest it. After Bitcoin’s 2.7% drop, BNB was also down by almost 2.6% in recent hours. The immediate test level hovered near the $ 532 level that coincided with the 50-SMA (red).
At press time, BNB was trading at $ 540.1. The RSI it stood at the 49 mark but showed signs of revival from the midline. The DMI resonated with the bears, but the ADX showed a weak directional trend for the altcoin.
While VET retraced its previous bull run again, the bulls secured five-month support at the $ 0.076 mark. As a result, it saw a breakout in the descending channel (yellow) on December 16.
After which, the price action hit a double bottom from mid-December. After an expected pattern breakout, the alt rose 23.82% from the December 15 low at press time. Therefore, VET broke its long-term downtrend resistance (white) while recovering the lost support of $ 0.087.
At press time, the alt was trading at $ 0.09189. The RSI saw a pullback from the overbought region as buying pressure eased.
Although the MACD the lines were above equilibrium, its histogram was below the zero line, representing a declining bullish momentum. To top it off, the Volume oscillator it hit lower highs and reaffirmed previous weakness.
EOS saw a symmetrical triangle breakout in the last six days. The bears retested the $ 3.09 level several times, but the bulls held firm. They drove a rally of more than 12% (from the December 20 low) and broke the $ 3.4 mark.
But after a wider pullback, the alt once again found a swinging range between $ 3.4 and $ 3.09 for the past 14 days. As a result, the Squeeze the boost gauge resonated with consolidation trends and black dots flashed.
At press time, EOS was trading at $ 3.34. The RSI it was below the midline after showing some signs of revival. The ADX continued to show a weak directional trend for the alt. Like VET, the volume oscillator it made new lows during this rally rather than a rally, visibly indicating a weak bullish move.
This is a machine translation of our English version.
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Binance Coin, VeChain, EOS Price Analysis – Dec 26