Connect with us

Analysis

Binance Coin, Ontology, FTX Price Analysis: 31 December

Published

on

Source: Pixabay

Bitcoin’s price has continued to register tremendous bullish momentum on the charts, something that has, in turn, had a positive effect on the altcoin market. However, there were a few exceptions such as Binance Coin and Ontology, both cryptos that seem to be now enduring a spell of consolidation, while coins like FTX Token were able to register significant gains.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin, at the time of writing, was trading at $37.4 with a market cap of $5.3 billion. Over the course of the past week, BNB was able to post gains of over 20 percent. However, the cryptocurrency seemed to have entered a phase of consolidation trading between the support at $36.2 and the resistance at $38.8 over the course of the past 24-hours.

The technical indicators painted an interesting picture for BNB’s price action, however. The EMA ribbons had settled below the coin’s price and were acting as support around the $36-price level. The MACD indicator, on the other hand, saw that a bearish crossover had taken place with the Signal line going past the MACD line – a sign that there may be an upcoming price drop if the support levels fail.

Ontology [ONT]

Source: ONT/USD, TradingView

Ontology, at the time of writing, occupied the 54th spot on CoinMarketCap’s list with a market capitalization of $353 million. At the time, the coin was trading at $0.437 and saw a 24-hour trading volume of $79 million. In the past 24-hours, the coin saw a minor correction as its price fell by over 1 percent, with the past few weeks seeing the crypto move only sideways. At the time, there was strong resistance at $0.49 and the coin can expect considerable support at $0.41.

The MACD indicator underwent a bearish crossover and a further price correction may be in the works. The RSI indicator echoed this sentiment as well as it was heading into the oversold zone.

There hasn’t been much news, development-wise, apart from the Waves Enterprise signing an MoU with blockchain platform Ontology in order to integrate decentralized identification tools into the Waves Enterprise e-voting system.

FTX Token [FTT]

Source: FTT/USD, TradingView

Unlike the previous two coins riddled by sideways movement, FTT’s price saw it rise steadily on the charts. The cryptocurrency, at press time, traded at $5.73 and registered a 2 percent hike in 24 hours. At the time of writing, the coin had come in contact with a strong resistance level at $5.79. However, if the price were to fall, the next strong support level could be around the $4.8-price range.

The Bollinger Bands continued to indicate moderate levels of volatility in the coin’s price. Further, the MACD indicator was bullish since the MACD line was hovering over the Signal line.

Where to Invest?

Subscribe to our newsletter

Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *