Binance Coin and Ethereum Classic showed consolidation within their respective channels and awaited strong cues from the broader market. IOTA showed bearish presence as the price approached the upper ceiling at $.143.
Binance Coin [BNB]
Year-to-date gains of 600% underlined Binance Coin’s strong uptrend, one that catapulted the cryptocurrency all the way to the third position in CoinMarketCap’s rankings. Since the broader market pullback in late-February, BNB showed a steady recovery and rose above several resistance marks. However, the recovery saw some stagnation around the $300-level and the price moved into a consolidation phase between $278.95 and $258.6.
The ADX rested below 25 and showed a weak trend in the market, while the Awesome Oscillator was bullish-neutral. The short-term target for the bulls resides at the immediate resistance levels of $278.9 and $300.4. This would likely be achieved post the consolidation phase.
Over the past few weeks, IOTA constantly touched its upper ceiling at $.143. This indicated healthy buying pressure and the same was indicated by higher highs on the OBV. A breakout is expected to take place once the selling pressure has been exhausted in the market.
However, the RSI pointed south from below 60 and showed that the bulls were losing strength as the price approached the upper ceiling once again. Low trading volumes suggested that a breakout would not occur in the short-term, but a spike in volumes could signal a shift away from the present channel.
Ethereum Classic [ETC]
Ethereum Classic’s comeback on the 4-hour timeframe was halted at the upper ceiling of $13.9, which coincided with Bitcoin’s pullback from above the $61,000 mark. As the market leaders have traded rangebound since retracing from record levels, ETC also entered a period of consolidation and awaited for their next big swing. The price showed a good oscillation between $12.5 and $11.6 as the market remained in the balance.
Volatility was low at the time of writing, according to the Bollinger Bands. However, the RSI pointed lower from under 40 and a move towards the bottom zone would likely see ETC lose out on its press-time support. This would highlight the next line of defense at $9.8.