Despite saturated market conditions, Binance Coin was expected to hang on to its newly flipped support-line. Bitcoin bulls retreated after the market breached the $54,114-resistance level. Ethereum Classic regained the $12.5-$11.6 price channel, which had seen good market oscillation in recent weeks.
Binance Coin [BNB]
Binance Coin has gained 20% in the last three days after a solid rebound from the $230 mark. The dotted markers of the Parabolic SAR passed under the candlesticks and also revealed an uptrend from $230. Bullish momentum and healthy volumes permitted the price to break through its upper limit of $274.8, but some weakness was observed in the last session of trading.
After the index reversed trajectory from the upper area, the RSI verified the bearish candlestick, and the magnitude of its pullback will decide whether BNB retains its newly flipped support mark.
If the price does not maintain its current amount, the next line of security is $255.5-support.
Bitcoin has largely ranged between the channel $59,568 and $54,114 after retracing from stabilisation stages. A break below this channel revealed another support level at $50,976, an area deemed undervalued by the RSI. This has resulted in bullish momentum over the past two days, with Bitcoin closing at $56,022 at the time of writing, with a market value of just more than $1 Trillion.
On-chain metrics, however, indicated that the bulls were losing hold of the market. The stochastic RSI has moved into the overbought zone, and a reversal will signal a slight pullback for BTC. The ADX dropped from 17 to reflect the market’s worsening trend. Returning to its former range might mean another phase of consolidation, but a break over $60,000 would almost definitely result in BTC setting a new ATH.
Ethereum Classic [ETC]
On the back of a bullish wider economy, Ethereum Classic recovered the $12.5-$11.6 channel. The current region experienced significant market oscillation in March, and this was projected to continue in the short term. ETC bulls must clear a few roadblocks before reaching mid-February stages. The first was a break of $13.9 resistance, which had not been seen in over a month. The second goal was set at $15.
A rising RSI supported a positive short-term result. On the downside, even though it has increased marginally in recent sessions, OBV has seen subdued buying pressure.
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