Connect with us

Analysis

Binance Coin, Neo, Ontology, Maker Price Analysis: 23 March

Published

on

Source: Pixabay

Binance Coin targeted a comeback above the $258.6-level. Neo threatened to move below its 38.2% Fibonacci level which resided close to the $40-level. Finally, ONT targeted a hike above its overhead resistance at $1.23, while Maker dropped below a crucial support line at $2,034.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Bearish movement over the last 24 hours saw the world’s third-largest cryptocurrency, Binance Coin, lose out to its horizontal channel. However, the bulls eyed a swift comeback. The Stochastic RSI formed lower highs, but a bullish crossover, at the time of writing, added some optimism.

On the downside, the Chaikin Money Flow fell below the half-mark for the first time in a week as capital moved away from the cryptocurrency. This could lead to further weakness in the price. The next support can be found at $245.17.

Neo [NEO]

Source: NEO/USD, TradingView

At the time of writing, Neo was in danger of falling below its 38.2% Fibonacci retracement level which rested close to the $40-mark. The Awesome Oscillator moved below the half-line after forming a bearish twin peak setup. This also led to a breakdown as the price slipped below the important 50% level and moved into the bearish zone.

The next retracement level at 23.6% resided at $37.1. However, a northbound RSI asserted that the bulls could hold on to the press time support.

Ontology [ONT]

Source: ONT/USD, TradingView

Since bouncing back from the $0.78-support, Ontology has risen above several resistance levels. Comparing its low of $0.77 in March to its highest point of $1.345 represented an increase of 70%. A wave-like pattern on the 4-hour timeframe indicated a period of bearishness after a series of bullish movements and such was the case at the time of writing as well.

A bearish crossover was witnessed on the MACD, but the histogram noted weakening momentum. Meanwhile, the Chaikin Money Flow fell lower but stabilized at the half-line, suggesting healthy capital inflows. The next target for the bulls would be a move above the $1.23-resistance.

Maker [MKR]

Source: MKR/USD, TradingView

Maker fell below the crucial support level at $2,034 after the price dropped by over 5% when compared to yesterday. A breakdown on the previous occasion saw the market’s bulls post a fightback as the price retested the aforementioned level and moved back the support line. A short-bodied bullish candlestick appeared on the 4-hour timeframe, one suggesting that MKR could move north once again.

The Stochastic RSI reversed trajectory from the oversold region and backed a favorable outcome. However, the ADX was heading north from 25 and pictured a strong bearish trend in the market. The next support line could be found at the $1,800-level.

Where to Invest?

Subscribe to our newsletter

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.