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Binance Coin, EOS, Uniswap Price Analysis: 12 March

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Source: Pixabay

Binance Coin saw a dip to retest a level of support at $277 but had a bullish outlook. Uniswap broke out of a descending channel and could see a move to $34 over the next few days, while EOS was unable to climb past $4.

Binance Coin [BNB]

Binance Coin, EOS, Uniswap Price Analysis: 12 March

Source: BNB/USDT on TradingView

On the 1-hour chart, BNB showed strong bullish performance in the past few days. It briefly sank below $205 but recovered and flipped the $240 level to support. The bulls then claimed the $277 level from bearish hands and were able to drive the prices as high as $315 on a breakout above the descending triangle.

This breakout was strongly pushed back but, while the lower timeframes showed a possible weakened bull side, the longer timeframes showed bulls were in the driving seat.

On the hourly, the RSI dipped below neutral 50 as the price traded just above the $277 level of support. Losing this level and retesting it as support would likely see BNB revisit $240. However, analysis of the 4-hour showed that this was a retest of support. A long position with a stop loss near $273 with a target of $315-$325 can be considered in the $278 area.

EOS

Binance Coin, EOS, Uniswap Price Analysis: 12 March

Source: EOS/USDT on TradingView

On the 4-hour chart, the ascending triangle pattern appears to be invalidated as EOS was pushed down to the $3.91 support level.

It has retested the ascending trendline (orange) as resistance and could be headed toward the $3.6 region over the next few days, however, this breakdown has not yet been confirmed.

It is not uncommon to see a stop-loss hunt southward before a breakout for this pattern, hence a strong volume move below $3.91 or above $4 should be used as confirmation.

Uniswap [UNI]

Binance Coin, EOS, Uniswap Price Analysis: 12 March

Source: UNI/USDT on TradingView

UNI formed a descending channel pattern (cyan) over the past couple of days. Recently, it saw a breakout of this channel and retested the level of support at $30.5.

A breakout of a channel generally sees the price move to the peak of the channel- in this instance, this gives a technical target of $34.7 for the breakout, with $33 as a take-profit level as well.

The Aroon indicator showed a short-term uptrend in progress, while the Awesome Oscillator saw a bullish crossover.

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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.

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