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Binance Coin, Decred, Tron Price Analysis: 11 April



Source: Pixabay

Binance Coin chewed up all the technical targets presented to it recently as it posted a high at $487 before receding slightly. Decred looked to be forming a rising wedge pattern, and Tron signaled it could be ready for its move past $0.12 once more.

Binance Coin [BNB]

Binance Coin, Decred, Tron Price Analysis: 11 April

Source: BNB/USDT on TradingView

Binance Coin had formed bearish twin peaks when its price was at $420, as the Awesome Oscillator registered a lower peak than the previous one even though the price had moved higher. However, BNB did not see a sell-off then, but found demand at the $415 area and reached a high at $487.

The Fibonacci extension levels gave some price targets for BNB, and the next one at 200% lies at $566. Current market conditions were so bullish that BNB past $550 is not an unlikely event.

Decred [DCR]

Binance Coin, Decred, Tron Price Analysis: 11 April

Source: DCR/USDT on TradingView

In blue is a possible rising wedge pattern that DCR is forming. It does not yet have enough touches on the pattern, but the next 24-48 hours would show if this wedge pattern is validated.

The rising wedge is a bearish reversal pattern, and if DCR bounces within the pattern before dropping below the lower trendline, it would likely see a drop to the $180 area.

The Supertrend indicator gave a buy signal, but a session close below $185 would flip it to a sell signal.

Tron [TRX]

Binance Coin, Decred, Tron Price Analysis: 11 April

Source: TRX/USDT on TradingView

In orange is highlighted the bearish divergence seen between price and momentum, which saw TRX correct sharply from $0.142 to $0.104, before climbing higher once again.

Another set of trendlines on the price and RSI (blue) try to capture the brief pullback of TRX and assess a breakout. The price rose past the descending trendline, and the RSI also climbed above the trendline and was back above neutral 50 as well.

This happened when TRX was at $0.116, and this development suggested that TRX was ready for its next move upwards.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.