Binance Coin, Compound, Decred Price Analysis: 01 February
Altcoins BNB and COMP maintained their January uptrend as their price set new records at press time. Nevertheless, they were primed for a reversal as the indicators flashed bearish signals. DCR was rejected at $66.8 resistance, but strong trading volume suggested that the price would eventually break above the resistance mark.
Binance Coin [BNB]
Binance Coin snapped yet another record high at the time of writing and highlighted a strong uptrend that has seen the price surge by nearly 30% in January. More bullish confirmation was given by the fact that the price was above its 20-SMA (blue) and 200-SMA (green). However, the Relative Strength Index hinted at a bearish pullback as the index pointed lower from the overbought zone. If the price loses out to $46.3 resistance, it would present a downside of $41.7.
On the other hand, the MACD line moved well above the signal line and suggested an extended bullish cycle. Since trading volumes were also on the rise, BNB could continue its uptrend on the charts before reversing its movement.
Much like its counterpart BNB, Compound also zoomed past its previous all-time high and set a new record on the charts. Gains over the past 30 days also stood strong at over 160%. However, some bearish movement was noted in the past couple of trading sessions as the price seemed to cool down slightly. This was also reflected by the On Balance Volume, as the index dipped lower along with the price.
The Relative Strength Index also dropped from the overbought zone. A dip in trading volume, coupled with the bearish indicators suggested that COMP could undergo a correction over the coming sessions.
Decred rose by over 4% in the past 24 hours but was rejected at $66.86 resistance. The next few sessions could see DCR move between a fixed channel of $66.86 and $61.54 as momentum was balanced between the selling and buying side.
The indicators also gave mixed signals as the MACD noted slight bearish movement, while the Stochastic RSI saw a bullish crossover in the neutral zone. On the other hand, the 24-hour trading volume was up by 60% and some buying activity could see DCR break above its immediate upper ceiling.