Binance Coin, Shiba Inu, Solana, Tezos Price Analysis: 23 March
After a decent improvement in the overall sentiment over the past week, Binance coin, Solana and Tezos found a close above their 4-hour 200 EMA’s. While Shiba Inu was still facing resistance at that level, its technicals flashed a bullish bias.
Binance Coin (BNB)
After witnessing a descending triangle on a longer timeframe, BNB broke down from the vital $512-mark. Since then, it witnessed numerous sell-offs that flipped the $404-level from support to immediate resistance.
The alt saw a strong trendline resistance (yellow, dashed) on its 4-hour chart. Meanwhile, the bulls initiated a recovery from BNB’s five-month low on 24 February. As a result, the alt was up by nearly 25% over the last month. Furthermore, the 20 EMA (red) offered immediate support after jumping above the 50 EMA (cyan).
At press time, the BNB traded at $402.5. The RSI saw a rapid growth in the last ten days from the 34-mark. Now that it found a close above the mid-line, the bulls ensured higher troughs while affirming their edge.
Shiba Inu (SHIB)
After the alt hit its three-month low on 22 January, the buyers took charge at the $0.018-mark, as they have for the last five months. Then, SHIB bulls initiated a 104% rally before falling from its long-term ceiling of $0.034-level (for simplicity’s sake, price is multiplied by 1000).
Since then, the bears kept the peaks in their influence. After forming a symmetrical triangle-like pattern until 10 March. The breakout found a base at $0.021-level. Hence, bulls were able to propel a recovery above the 20/50 EMA.
At press time, SHIB traded at $0.02373. Now that the +DI looked north, the buyers reiterated their strength in the near term. But the ADX seemed weak and couldn’t display a robust directional trend.
Solana (SOL)
SOL saw a nearly 57% loss since the beginning of the year and touched its six-month low on 24 February. Since then, it saw an over 40% jump toward its $102-resistance.
As the bears were keen on sustaining their edge, SOL quickly fell to test the $80-floor, while the EMA ribbons undertook a bearish flip. However, over the last few days, the bullish rally pushed SOL above all its ribbons and also its long-term resistance of 200 EMA.
At press time, SOL traded at $91.3875. After losing its mid-line support, the CMF aimed to retest the zero-line. Recently, it marked a hidden bullish divergence with the price and affirmed the increasing buying influence.
Tezos (XTZ)
XTZ saw an over 43% pullback as it fell in a descending broadening wedge (white) and matched its January lows at the $2.6 base.
From its $2.6, 26-week floor, the bulls triggered an over 40% rally that was shunned by the 200 EMA (green). However, over the last day, XTZ saw broke above this barrier as the buyers steered the near-term trend in their favor. Meanwhile, the 20 EMA (red) jumped above the 200 EMA (Cyan) and confirmed a golden cross on its 4-hour chart.
At press time, the alt traded at $3.4. Over the last day, the RSI floated above the 64-level and confirmed the bullish strength. But the CMF bearishly diverged with price, hinting at a possible correction.
