In spite of the downward trending market, some coins displayed interesting trading patterns in the last 24 hours. For instance, Ethereum Classic, though in its low volatility phase, went up. On the other hand, Binance coin traded slightly under its 20-50-200 SMA. EOS coin also fell from its $2.7 mark after a bearish run. As the crypto crash looks to correct itself and the market moves away from the slump, a lot of coins may start displaying bullish tendencies.
Binance Coin (BNB) USD Price Prediction as RSI & CMF Fall
As of 10 January, BNB had lost 21.8% of its value (from 5 January). The alt recovered its previous losses after rallying above its 20-50 SMA. But, it saw a pullback from the 200 SMA (green) near the $500-zone supply zone (rectangle, green). As the gap between the 20 SMA (red) and 50 SMA (grey) decreased, the selling influence seemed to increase. It is now crucial for the bulls to hold the $459 mark. During press time, the alt was trading at $463.1. The RSI plunged below 40 after diverging bearishly with the price. However, it managed to retest this mark while moving sideways again. Moreover, the CMF fell below zero, indicating weak money flows. The ADX, however, showed a weak directional trend.
Ethereum Classic (ETC) Price Recovery News in Low Volatility Phase
ETC succumbed to a wider sell-off on 5 January after briefly oscillating between $36 and $33 near its Point Of Control (red). From 27 December high to 10 January low, it marked a 29.8% correction. ETC recovered from its recent fall after forming a descending broadening wedge (yellow), but encountered resistance at the Point of Control near 23.6%. In order to confirm a strong rally, a close above $34.5 is required. As of press time, ETC traded at $33.48 after gaining 6.6% over the past 24 hours. Over the past five days, the RSI has tested the 67-mark near the overbought region four times. A strong buying force was evident in this reading. Meanwhile, the Squeeze Momentum Indicator flashed black dots, indicating low volatility.
EOS Continues Bearish Run After Five Week Low
EOS poked its five-week low on 10 January with a 19.9% retracement (from 5 January). After breaking out of the down-channel (white), EOS has recovered over 14.7%. Since buyers failed to step in at $2.9, the bears flipped it to immediate resistance. Recently, the alt has marked lower peaks while maintaining the $2.7 level. An increase in selling influence can be seen in this trajectory. As of press time, EOS was trading at $2.743 after falling below the crucial $2.7 mark. After losing the 43-level support, the RSI went south. If buyers do not step in to initiate a reversal, the RSI will retest the oversold area. Additionally, the AO fell below equilibrium after marking lower troughs and asserting a bearish bias.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
