Binance Coin, Hedera Hashgraph, IOTA Price Movement Analysis for 12th April, 2021

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Binance Coin saw a significant price increase and established a new ATH of $639. Hedera Hashgraph was supposed to break out of its declining channel at $0.33 support, while IOTA remained above the $1.995 level.

Binance Coin [BNB]

Binance Coin was experiencing a huge price spike at the time of publication, having risen by 21% in the previous 24 hours alone. Levels presented in a previous report were already exceeded when the price formed a new ATH at $639, and current market dynamics could also allow for further gains in the coming sessions. The OBV increased as purchasing demand outweighed sale volume, but it fell marginally at press time.

About the fact that the RSI indicated that BNB needed to recover, its current bull run is expected to see higher levels before a reversal occurs. Meanwhile, the forthcoming BNB token burning event may be to blame for the latest price increase. Binance CEO Changpeng Zhao’s tweet provided one potential reason for the market’s bullish mood..

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IOTA

Source: IOTA/USD, TradingView

Although a bearish result was expected in a previous study, IOTA bulls have managed to hold on to $1.995 support in recent sessions. The RSI flattened at 60, highlighting the market’s bullish momentum.

On the downside, trading rates have been trending lower over the last two days as IOTA has seen some rangebound action. Although the MACD was still above the half-line, it showed a bearish crossover. However, higher highs on the MACD reinforced IOTA’s recent bull run, and a breakdown could be more difficult. If the press-time coverage is broken, the next line of protection at $1.84 will be able to absorb further losses.

Hedera Hashgraph [HBAR]

Source: HBAR/USD, TradingView

Another descending channel was discovered on Hedera Hashgraph’s 4-hour chart after the price struggled to overcome a support level of $0.381. Since then, HBAR has pushed closer to another defensive line at $0.33 – a zone that has seen a lot of buying in the last month. Following the same rationale, HBAR was supposed to split north of its descending channel after recovering from $0.33.

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If the price also breaks past $0.381, an extended bullish result towards $0.403 is likely. The Stochastic RSI has reached the oversold area, and a reversal from here could signal the start of a breakout. Despite the fact that the MACD displayed a bearish crossover, it was nevertheless above the half-line.

 

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