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Binance Coin, Augur, Compound Price Analysis: 23 January



Source: Pixabay

Binance Coin cut its losses at $38.46, with the market’s bulls looking to target a break above $41.78. REP moved between $21.73 and $20.6, but a shift in momentum towards the bearish side could see the price test its press time support level. Finally, COMP rose above its 50-SMA but it was unlikely to maintain its northbound movement.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Since rising to record levels, a significant correction saw Binance Coin fall below several support levels as selling pressure gripped the price. The market’s buyers cut their losses at $38.46 and attempted to target the $41.78-resistance level as momentum shifted hands. A break above the press time resistance level could be a bullish confirmation for the price, and resistance at $42.94 could be targeted by the bulls.

The indicators also favored the buyers as the MACD’s bullish crossover signaled that BNB was poised to rise in the short-term.

The said hike could also be backed by a healthy number of buyers in the market, as the On Balance Volume rose north of 121 million.

Augur [REP]

Source: REP/USD, TradingView

After snapping a local high at $31, Augur fell sharply towards the $20.6-support as bears assumed control of the price. The market’s bulls managed to cushion the losses and attempted to push the price once again on the charts. At press time, REP traded between a thin channel of $21.73 and $20.6 and awaited further cues from the broader market for a definitive move.

The Awesome Oscillator showed that movement shifted back and forth between each side over the last few sessions. At press time, the momentum seemed to be shifting towards the bears once again as the AO registered a single point of bearishness. In such a scenario, the press time support level might fail to hold the price at bay over the next few sessions.

Finally, the Chaikin Money Flow moved below zero to underline the lack of capital inflows for REP.

Compound [COMP]

Source: COMP/USD, TradingView

Compound revisited the $212-level after gains of over 8% in the past 24 hours pushed the cryt0-asset upwards on the charts. The price rose above the 50-SMA (black) and the bulls targeted the next resistance level at $220.27. The next few trading sessions might confirm an uptrend if the price rises above its press time resistance.

The Bollinger Bands highlighted the volatility in price over the last few trading sessions. A bullish case scenario would see the candlesticks continue their ascension towards the upper band.

On the other hand, the Stochastic RSI was near its tipping point in the overbought region and signaled a reversal for COMP. In such a case, the support at $200.4 could be tested.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.