Binance Coin, Ontology, Verge Price Movement Analysis for 17th March, 2021

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Binance Coin dropped below the $268.6 support level due to selling pressure, but it stayed above its 200-day moving average. ONT reclaimed the $1.13 level, while XVG was on the verge of breaking free from its up channel.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Lower highs on OBV signalling the end of trading interest as Binance Coin dropped below $268.6 support and entered its next line of defence. Although the candlesticks were still trading above the 200-SMA, a drop below the current channel and the long-term moving average could derail the bull market.

When the crypto-asset fell below its 50-day moving average, it revealed some market weakness (blue). On the positive side, a bullish crossover in MACD may ease some of the pressure on buyers. Expect BNB to trade inside its current channel in the short term, unless the market as a whole rallies.

Ontology [ONT]

Source: ONT/USD, TradingView

Since the wider market’s pullback in late February, Ontology’s rebound has been remarkable. On the 4-hour timeline, an up channel formed as ONT recovered from $0.79 support and grew above several resistance levels. Gains of more than 50% is reflected by a spike from the channel’s lowest point to its highest point. Despite the fact that the market did stabilise below the channel, the bulls were able to re-enter the $1.13 zone.

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The next hurdle for the bulls was a break over the $1.23 support mark, which was last seen about a month earlier. Buyers can need to overcome any short-term weakness before attempting a breakout. The Amazing Oscillator suggested selling momentum, while the Stochastic RSI pointed lower from just below the overbought region. If the bulls fail to break through the press time help, the next hurdle is just above the $1 mark.

Verge [XVG]

Source: XVG/USD, TradingView

Verge, like its counterpart ONT, recovered strongly from bearish conditions after seeking help at the $0.01-level. In reality, the uptrend resulted in a local high of more than $0.033, a level last broken in June 2018. While there was some bearishness in the last few trading sessions, the price remained within the boundaries of an up loop.

The stochastic RSI indicated market weakness, but the up-channel could hold if the index reverses course going forwards. As capital outflows were high, CMF developed a bearish divergence with the price and even dropped below equilibrium at the time of writing. This worked in contrast to a bullish short-term result. If the price sinks below the bottom trendline, support thresholds at $0.0248 and $0.0229 will be illuminated.

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