Binance Coin, Waves, Zcash Price Movement Analysis for 23rd February 2021

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Binance Coin shifted south from its descending triangle, but the recovery above its 0.5 Fibonacci level appeared possible over the next few trading sessions. Likewise, WAVES and Zcash also displayed signs of a bullish comeback, and could reverse the course if wider market developments are optimistic.

Binance Coin [BNB]

On the 4-hour timeframes, a southbound breakout saw Binance Coin travel below the 0.5 Fibonacci level after a downward triangle formed on the charts. The Amazing Oscillator went under the half-line as momentum was high on the sales side. The 0.786-Fibonacci amount could come under the spotlight if the selling continues in the next few sessions.

The RSI was somewhat more positive as it was moving north of the 40-point mark. However, the 0.5-level has to be flipped to consider a bullish comeback.


Source: WAVES/USD, TradingView

WAVES market bulls lost at the $8.9 support level after the price had fallen by almost 25% in 24 hours. However, some bullishness was observed in its market in the last session after successive green candlesticks appeared on hourly charts. The on-chain metrics also endorsed the likelihood of reversal.

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The MACD closed on a bullish crossover, while the Stochastic RSI pushed away from the oversold sector. This indicated that the bulls will possibly hang on to the $7.8 support line. Conversely, the prolonged bearish outcome will see WAVES drop below the above stated point and evaluate the next line of protection at $6.8.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Zcash also traded in the red, at press time, after losses of 20% compared to yesterday. The Average Directional Index hit the 40-point mark, highlighting the clear downtrend in the last few sessions. If the sale proceeds, the next level of funding is $97.4.

On the other hand, the RSI underscored the possible reversal after heading north from the oversold zone. If you buy picks at this stage, ZEC could jump to the $130 mark.

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