Binance Coin, XRP, Dogecoin Price Movement Analysis for 16th May, 2021

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Binance Coin is heading south towards $500-$510 funding, which is backed up by the 50-SMA (yellow). XRP increased by 16% on high volume, but its technicals have yet to represent a strengthening bullish trend. Finally, Dogecoin can experience more drops before breaking through the $0.569-resistance.

Binance Coin [BNB]

On the 1-day map, Binance Coin fell below $600 and its 20-SMA (blue), aiming for $500-$510 help – a region that intersected with the 50-SMA (yellow). BNB was no exception to large-cap alts dealing largely in the red after bearish cues from market leaders. A bearish twin peak setup on Awesome Oscillator served as a warning sign.

Furthermore, bearish divergence on the RSI signalling that the market was slowing prior to the BNB drop. At the time of publication, the RSI was trading in the neutral 50-territory. BNB has moved below its 200-SMA on the 4-hour chart, and while traders could go long at the current price level, a further pullback towards $500 is possible based on wider market cues.

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XRP

Source: XRP/USD, TradingView

XRP has defied many bearish signals and increased by 16% in the last 24 hours. Ripple’s response to the SEC’s call for an informal meeting to review all legal opinions that Ripple has solicited in the past may have contributed to the bullish mood.

A series of consecutive green candlesticks is shown on XRP’s regular map, indicating a purchasing revival. Bulls have yet to completely assert ownership of XRP, according to technical indicators. MACD was on the verge of a bullish crossover, while RSI was approaching the 60-point plateau. A break over the $1.75-resistance level could spark further buying, while $1.31-$1.22 would offer support in the event of further declines.

 

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Despite being mildly bullish, Dogecoin’s price stayed below a central resistance level of $0.569. In reality, the Squeeze Momentun Indicator detected decreasing purchasing demand, and it was unlikely that $0.569 would fall in the coming days – unless there were any social media irregularities. Support levels were $0.37 and $0.44.

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The MACD line stayed below the Signal line, emphasising DOGE’s recent woes. On the shorter timeframe, buyers and sellers seemed to be in a state of equilibrium. If this trend continues in the coming hours, some stabilisation is likely until the next upswing.

 

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