Binance Coin, Crypto.com Coin, Elrond Price Analysis: 22 February
Binance Coin revisited its level of support at $270 and appeared to be in a phase of consolidation. Crypto.com Coin broke out of a range it was previously trading in and showed that it could climb higher still while Elrond showed a possible scalp trade opportunity.
In the case of the crypto market’s largest coin – Bitcoin, the price has fallen by over 5 percent in the past 24-hours and at press time trades at $53,823.
Binance Coin [BNB]
The trading volume was slowly dwindling for BNB as it tested the $300 as resistance and $270 as support multiple times over the past few days. In the short-term, the MACD formed a bearish crossover indicative of downward momentum for the coin’s price.
This could materialize in a drop to touch $230 for BNB, a scenario that has already played out once in the recent past. Losing the $270 level on a move with strong trading volume will point towards a bearish market.
Crypto.com Coin [CRO]
Crypto.com Coin retested the range highs at $0.08 as support and has shot upward on the charts over the past few days. It has since noted 105% returns and more yet to come. The $0.194 level is a 27% extension level and a bullish target that CRO looked almost certain to achieve shortly. Above it is the 62% extension level at $0.26.
A pullback to $0.15, although not yet signaled, would be a potential buying opportunity.
Using two different moves to construct Fibonacci retracement levels, it can be seen that the $132 level is a particularly stout level of support due to the confluence of two retracement levels.
And so it has proved, rebuffing bearish pressure multiple times over the past week. The Supertrend indicator showed a sell signal, and the Awesome Oscillator showed almost no momentum behind EGLD.
A retest of the $160 level can be used to enter a short position, with a stop-loss set using the Supertrend at $163.2 or slightly higher. The target for this scalp trade would be $132.7 as a take-profit mark.
However, the trend has not yet shifted into a downtrend. Over the next two weeks, losing $132 could see EGLD correct deeper to visit $112 and $98.