Binance Coin, Dash, Ethereum Classic Price Analysis: 03 January
Binance Coin was bullish in the market as it sought to rise past the $40 mark, a feat it could achieve in the coming days. Bearish news for Dash saw the price plunge, while Ethereum Classic rose toward a region of supply.
Binance Coin [BNB]
Binance Coin saw some sideways trading at the $37-$38 region as it gathered steam to break past the $40 mark. This was the 27% Fibonacci extension level for BNB’s previous move upward from a swing low of $26.7.
The 62% extension level lies at $43, making it the target for bulls should $40 be claimed as support.
The RSI held steady above neutral 50 to indicate an uptrend. The trading volume had been around average for the past few trading sessions and can be expected to pick up post-breakout.
Despite past claims of privacy, Dash pushed back against news of delisting by insisting that it’s no more private than Bitcoin, which is itself only pseudonymous at best. The delisting had a major short-term impact on price.
The price had formed part of an inverted and ascending scallop pattern, a bullish pattern that would have been confirmed by a breakout past $113. However, a sudden shift to bearish sentiment saw DASH plummet past levels of support.
The OBV highlights the strong selling seen within a few hours following the Bittrex news.
Dash might be able to recover in the coming weeks, provided other exchanges aren’t forced to delist it citing the “privacy coin” issue.
Ethereum Classic [ETC]
Ethereum Classic faced a region of supply above it, from $5.95 to $6.15 where sellers have been able to halt bulls in their tracks. This was likely to occur once more.
The Awesome Oscillator showed neutral momentum behind ETC had very recently flipped to weakly bullish for the digital asset.
The trading volume has been falling, suggesting that the price was consolidating above the $5.6 level.
A breakout past $6.2 would flip the outlook for ETC to bullish.