Market Analysis of Binance Coin, Monero, Dogecoin for December 29th

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Christmas appears to have come with presents for Bitcoin. Adding cheer to the festival festivities, the world’s largest cryptocurrency has risen to more than $27,000 in price over the past few days. As a consequence, the larger altcoin market has also been on the charts. The question now is, will altcoins be able to maintain their momentum after the inevitable correction hits bitcoin?

Binance Coin seemed to have addressed this query by posting winnings at a time when bitcoin moved marginally lower on the charts. The same could not be said for Monero and Dogecoin, as both altcoins have reported negative gains in the last 24 hours.

Binance Coin [BNB]

Source: BNB/USD, TradingView

After a slow start to the month, Binance Coin found her feet after bouncing back from the $25.25 support range. Since then, BNB has moved up the chart and traded between $31.05 and $35.93. The last few trading sessions saw BNB climb over this channel as prices reached the $40 mark, a level not seen since June 2019. The BNB indicators indicated that the bullish momentum was nowhere near losing steam, and that prices could rise much higher in the short term.

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The MACD histogram showed the bullish trend, as the green bars grew higher on the charts. The signal line remained far below the fast-moving line, indicating the superiority of the market bulls.

Price spikes have also been backed by a healthy number of buyers on the market, as the On Balance Volume has been increasing steadily since mid-December.

Monero [XMR]

Source: XMR/USD, TradingView

The month of December was a favourable month for Monero. Looking at its 4-hour chart, the cryptocurrency has been on the uptrend since November, with prices reaching higher highs and higher lows. In the past week, however, rates have been looking to consolidate between $168.51 and $160.17. Consolidation may be an indicator that either the price is looking to stabilise or that it is steadily losing momentum. Either way, some indicators indicated that Monero might go down in the near future.

The Amazing Oscillator showed that the bearish momentum was increasing as the red bars went down to the Zero line.

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The dotted lines of the Parabolic SAR passed over the candlesticks, suggesting the same bearishness. Support at $152.54 could offer some relief to XMR if rates were lower than their current support.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

The operation of Dogecoin on the charts suddenly picked up in the latter half of the month after a subdued start. Since then, the cryptocurrency has been able to report gains of more than 30% over the last 30 days. However, the market seems to have lost momentum after obtaining support at $0.0036. After the bounce back from that amount, the price of the coin traded between a thin channel of $0.0046 and $0.0042 and could continue to trade between that channel in the short term. The DOGE indicators showed that bulls and bears had almost equal market power and were unable to drive prices in either direction.

The Relative Strength Index was floating near the neutral zone, reflecting the fact that buying demand was balanced by selling pressure.

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The Bollinger Bands have shown little variance in DOGE prices going forwards. Since the price was trading on the lower band, a turnaround could also be expected, which would see the next resistance test at $0.0051.

 

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