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Binance Coin, Ethereum Classic, EOS Price Analysis: 8 December



Source: Pexels

The past four days have marked a decent bullish attempt for a recovery, but several cryptos, including Ethereum Classic, struggled to negate the 38.2% Fibonacci resistance. However, EOS registered double-digit gains over the past few hours to cross the aforestated hurdle.

On the other hand, Binance Coin continued its long-term movement but showed mixed near-term signs. 

Binance Coin (BNB)

Source: TradingView, BNB/USDT

BNB managed to form a symmetrical triangle after an up-channel breakdown on 4 December. Despite a market-wide breakdown, the alt did not part ways with its long-term bullish tendencies. After poking its six-month high on 7 November, the price action saw a pullback as the bears ensured the long-term resistance at the $648.8-mark.

The bears retested the $583.2 resistance thrice before finally breaching it to hit BNB’s five-week low on 4 December.

At press time, BNB traded at $575.8. The RSI was in an uptrend for the past four days and showed some revival signs as it pointed north. These signs helped the alt to trade above its 20-SMA (red). However, the DMI continued to show a bearish bias.

Ethereum Classic (ETC)

Source: TradingView, ETC/USDT

ETC witnessed a steep plunge while the bulls failed to sustain the 19-week support as it poked its 32-week low on 3 December post a symmetrical triangle breakout. After poking its ten-week high on 9 November, the bulls lost their edge as the price declined between the down channel. 

The 61.8% Fibonacci resistance proved vigorous as the bulls failed to breach it after multiple retesting attempts. Now, the 38.2% Fibonacci level stood as a strong hurdle.

At press time, ETC traded at $40.46. The RSI was northbound as it saw a 20 point surge over the past two days and swayed near the midline. The MACD also projected a bullish comeback. However, the recent bullish push was on rather decreasing trading volumes, signaling a weak move on their part.


TradingView, EOS/USDT

The bearish phase kicked in after an up-channel incline. EOS poked its seven-week high on 10 November. As EOS obliged the 12-week-long resistance (at the $5.4 mark), it witnessed an up-channel breakdown and oscillated in a down-channel (yellow). 

As the bulls failed to sustain the four-month resistance at the $3.65-mark, the altcoin plummeted to its 46-week low on 3 December.

However, over the past few hours, EOS saw an over 14% gain and traded at $3.621. This incline saw a push above the 38.2% Fibonacci level, depicting a strong bullish move. If the bulls continue their rally, the price would likely spring above the $3.65-mark (immediate resistance). 

The RSI saw a 33 point surge over the past two days as it seemed to head north. Additionally, the MACD and AO displayed an increasing momentum in favor of bulls.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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