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Binance Coin forecasted a modest pullback after selling within an uptrend that peaked at $644.7. Neo was gaining momentum before trying to break through a big support barrier at $102.15. Finally, Dogecoin burst out of a symmetrical triangle to the north, but gains were cut short at the $0.37-resistance mark.
Binance Coin [BNB]
Binance Coin has been moving in an upward channel on the 4-hour timeframe for the past few days. The price may have reached the top of the current channel, as there was some resistance around $640. A break from this trend seemed likely in the coming sessions, and a step below the channel’s equilibrium could serve as proof of the same. BNB could sink into the $581-support or even $533.3 – an area that coincided with the 50-SMA – in a southbound leap (blue).
At the time of publication, the Stochastic RSI had formed its third peak in overbought territory and had fallen south. The Awesome Oscillator, on the other hand, indicated that momentum was on the bullish side, and BNB could reach $650 before a reversal.
Over the last 24 hours, bullish action helped Neo reclaim the area above the $96-resistance, while support at $87.54 served as a basis for some purchasing. Despite the market’s positive mood, a tougher challenge awaited the bulls at the $102.15-resistance. A strong retake of this region would call for sharper growth in the Neo market, but a rise to the local high of $133.9 remained elusive.
The Awesome Oscillator was mildly bullish as the price reached the $102.15 mark, but it turned red in the final session of trading. The ADX Indicator was 13 at the time, indicating that more power was needed before a breakout above its immediate upper ceiling.
Dogecoin formed higher lows on its northbound movement after recovering from lows seen in the last week of April. Dogecoin saw a breakout from a symmetrical triangle on the 4-hour graph, and a leap beyond the upper trendline represented gains of more than 15%. However, there was some support at $0.37, and losses were limited for the time being below this amount.
The RSI entered overbought territory, indicating that a price reversal was likely in the coming sessions. However, the Squeeze Momentum Indicator also indicated positive momentum, and the market could climb above $0.40 after a modest pullback.