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Binance Coin regained the $520-$530 demand zone and flipped $533 to support. Aave developed a triangle pattern and awaited evidence of a breakthrough, while Decred experienced a pullback after a solid move north.
Binance Coin [BNB]
On the hourly chart, BNB seems to have begun its next upward leg. The price climbed back above the illuminated area in the vicinity of $520, seeming to shift from supply to demand. The RSI has risen back above neutral 50 and, along with the stock, seems to have ended the previous downtrend.
On longer timeframes (up to 6-hour), Binance Coin’s momentum momentarily shifted to the bearish side before resuming its upward trend. The quarterly BNB burn announcement was something of a “sell the news” affair, with BNB falling from $530 to $490 in the hours following the announcement.
After AAVE was refused at $480 and quickly fell to $420, the $440 mark was flipped to help in recent hours. The Chaikin Money Flow stayed above the +0.05 threshold, indicating that nett capital flow was into the market, indicating demand.
On declining trading volume, the price developed a symmetrical triangle pattern, a continuity pattern in which prices obey the previous trend. A session close below $440 could be nothing more than a liquidity hunt; however, a drop below $426-$428 will be a sign of short-term bearish pressure, with AAVE retesting $416.
As demand pushed prices to $200, DCR broke out to the upside of a rising channel. DCR was seeing a pullback at the time of publishing, as recent momentum was stopped at the psychological $250 stage.
The A/D line was in an uptrend alongside the price, indicating that this change was motivated by buyer demand. The MACD also displayed good bullish momentum, and the gap between the MACD and signal lines suggests that the market is overbought. In addition, the Stochastic RSI was correcting from overbought area. A retracement level of $224 could serve as help.