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Binance Coin, Neo, Enjin Price Analysis: 05 March

Akashnath Sumukar

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Source: Pixabay

Binance Coin was heading towards $205 after Bitcoin fell below $49k on the price charts. Neo also moved below a strong level of support, with bearish momentum likely to push the price to as low as $32 over the next few days. Finally, Enjin pictured buyers’ exhaustion after making remarkable gains over the past week.

Binance Coin [BNB]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: BNB/USDT on TradingView

The bounce from $210 to $270 towards the beginning of March was not a recovery as sellers asserted themselves around the $270-mark and took control of the market. Since then, they have pushed BNB below the $230-retracement level. The $200-$205 zone is the next area of interest where the market’s bulls could take a stand.

The Awesome Oscillator pictured bearish momentum on the rise as it crossed over into bearish territory on the 4-hour chart. The OBV also noted steady selling pressure over the past few days.

A bearish retest of $230 can be used to enter a scalp short position, with take-profit at $205 and a stop-loss of $236 or $240 to give a little more breathing room.

Neo [NEO]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: NEO/USDT on TradingView

As the Volume Profile Visible Range showed, while the Point of Control at $37.13 (red) has been a level that bulls have tried to defend over the past week, it appeared to have been ceded to bearish pressure in recent hours. The MACD formed a bearish crossover and dove under zero on the charts.

The 38.2% retracement level and the 50% retracement level at $35 and $32, respectively, are levels that can witness NEO bounce. However, as the VPVR highlighted, the $30.5-$32 zone will be the next area of notable trading activity and the area where NEO is more likely to find strong support, than at $35.

Enjin [ENJ]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: ENJ/USDT on TradingView

In hindsight, it is quite simple to spot bullish exhaustion, but quite hard to be certain of it in real-time. The candlewick up to $1.51 for ENJ was followed by a strong momentum bearish candle, and this development confirmed that ENJ bulls have run out of steam, at least in the short-term.

The Stochastic RSI dove into the oversold territory while the RSI also began to drop lower from extremely overbought values, registering a value of 69 for the most recent, closed trading session.

The next level of support for ENJ was the 23.6% retracement at $1.07.


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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.