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Altcoins such as Bitcoin Cash, Terra and Binance Coin experienced revivals owing to a substantial increase in buying strength. The coins mostly consolidated over the last 24 hours. BCH aimed for its next resistance while BNB recorded a minor rise of 0.3%. In contrast, LUNA secured a rally and was about to record a new multi-week high.
Bitcoin Cash (BCH)
After a significant rise since the beginning of the month, Bitcoin Cash was consolidating at $548.66. The coin’s immediate resistance was $554.37, followed by $598.80. The other additional resistance level stood at $694.84, as buying pressure continued to rise.
As previously stated, buying pressure has increased significantly since the beginning of October. The Relative Strength Index retreated from overbought territory and hovered near the 60-point level, indicating the presence of buyers in the market.
Green signal bars were also depicted on the Awesome Oscillator. The presence of price volatility was indicated by the wideness of the Bollinger Bands. A fall beneath the current price level caused by a fall in buying pressure could push BCH down to $503.64 and then to $476.93.
Terra has gained 14.90% in the last 24 hours and is now trading at $43. $45.44 was the immediate overhead resistance. Last month, it was in this range. LUNA has made significant gains in the last 72 hours, indicating that technicals are bullish.
The Relative Strength Index was close to 60, indicating that the market’s buying power was significant. The Awesome Oscillator showed increasing green signal bars, while the MACD’s histogram continued to show growing green bars.
A price corrective pullback would first bring LUNA down to $38.27, below which it could find support at $32.89 and then at $29.01.
Binance Coin (BNB)
Binance Coin was trading laterally at $423.50 after rising by 0.3 percent in the previous day. Prices have risen as a result of buyers returning to the market since the end of last month. The price ceiling was $466, then $505.90; BNB had last been at this level several weeks ago.
The price of BNB was above the 20-SMA line on the four-hour chart, indicating that the price momentum was with the buyers. The Relative Strength Index reflected this, as it hovered around the 60-point mark. In contrast, since the last trading session was in the red, the Awesome Oscillator and MACD have begun to show bearishness.
In the bearishness held true, the price floor stood at $416.40 and then at $386.80 respectively. The next support level rested at $351.70.