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]
Source: BNB/USD, TradingView
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.
WAVES
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.
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.
452 Interactions, 2 today
Aave travelled within a descending triangle, but at the time of publishing, its technical indicators did not support a breakout. Read more
Bitcoin Cash looks unclear as the indicators gave mixed signals about its potential direction to transform its press time resistance. Read more
Bitcoin Cash remained the 10th position in the crypto rankings, despite being seriously affected by the recent correction in the Read more
With bitcoin showing a lot of faith in its bull running lately, many of the market's altcoins have also emerged Read more