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Binance Coin must withstand any selling pressure before it can resume its upward trajectory. THETA forecasted movement in a narrow range of $13.8-$11.2. Finally, Verge can break out of a descending channel before approaching its 200-SMA.
Binance Coin [BNB]
Binance Coin successfully broke through the $600 barrier and also established a new high of $639.4. Since breaking through its $317.6 resistance, the cryptocurrency has been in market exploration mode, and its bullish momentum could take it all the way to $650 in the coming days. However, some bearish momentum had to be dealt with first. Over the last few sessions, selling volumes outweighed buying volumes, and the bulls will need to protect the $548.8-support against a collapse.
In the event of a downward step, losses may be limited at the 20-SMA (coincides with $524-support) and the 50-SMA (coincides with $452.2-support). The MACD indicated a bearish crossover, but BNB was not in danger of a fast sell-off. After pointing north from 64, the RSI seemed to be returning to overbought territory.
As THETA shifted within the $13.8-$11.2 channel, the Bollinger Bands remained compressed and volatile. Furthermore, an ADX reading of 12 indicated a poor trend, implying that major price fluctuations were impossible.
Since reaching its all-time high in late March, THETA may have been in consolidation mode until the next upswing. The 24-hour trading volume was nearly $300 million, but a breakout from this channel needed further action.
On the 4-hour timeframe, Verge traded within a descending channel and pulled closer to its 200-SMA (green). A breakout from this trend is likely, leading to resistance levels of $0.042 or $0.046. A drop below the 200-SMA, on the other hand, might signify a breakdown and invalidate the current trend.
The MACD stayed below the half-way point, but a bullish convergence could occur in the coming hours. If the CMF also returns over the half-line, a bearish result in the coming sessions can be avoided.