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Analysis

Binance Coin, NEM, SUSHI Price Analysis: 10 March

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Source: Pixabay

Binance Coin projected an upside above the $305-level if its on-chain metrics uphold its bullish signals. NEM fell sharply on the charts and a move below its press time support could highlight the next barrier at $0.61. Finally, SUSHI could trade within its press time range, before breaking north of its upper trendline.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Gains for Binance Coin were capped at the $305-resistance as the price traded at the mid-point of its immediate support and resistance. Gains over the past week stood healthy at over 12% as BNB maintained its position as the world’s third-largest cryptocurrency, with a market cap of over $43 billion.

The Awesome Oscillator registered strong momentum on the buying side, while the RSI was close to the overbought region. If the indicators maintain their position, BNB could flip its overhead ceiling over the next few sessions. A move lower down the charts could be cut short at the press time support level.

NEM [XEM]

Source: XEM/USD, TradingView

NEM was in the middle of a strong sell-off as the bears targeted the next line of defense at $0.61. The MACD line moved well below the Signal line, while the histogram noted some bearish presence in the market. The On Balance Volume formed lower lows as selling pressure was dominant over the past few sessions. However, the index had ticked up, at the time of writing.

All eyes would be on the press time support mark as a southbound breakout could see NEM move towards the next line of defense at $0.50, a level that coincided with the 200-SMA (green).

Sushiswap [SUSHI]

Source: SUSHI/USD, TradingView

SUSHI maintained its movement within an ascending channel, one formed by the price snapping higher highs and higher lows. While the price usually sees an upwards breakout after the formation of the up-channel, SUSHI was projected to consolidate between its support and resistance levels over the coming sessions.

The Awesome Oscillator showed that momentum switched over to the selling side, while the MACD closed in on a bearish crossover. This presented a few roadblocks for the bulls in their attempt to push SUSHI to record levels.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.