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Binance Coin, STEEM, Compound Price Analysis: 16 January

Akashnath Sumukar



Source: Pixabay

Binance Coin appeared to be forming a bullish pattern that wasn’t yet confirmed, but it could see a breakout in the coming days towards the $45-mark. STEEM bounced off a level of support as it rose towards a level of resistance once more. Finally, Compound was making steady gains as it breached $200 and looked to flip $212 to support. However, it could see a correction to $180 in the coming days.

Binance Coin [BNB]

Binance Coin, Steem, Compound Price Analysis: 16 January

Source: BNB/USDT on TradingView

An ascending triangle pattern was being formed on BNB’s charts. This pattern will be confirmed by a breakout to the upside which can expect to target the $45-mark.

Losing the $39.5-level will be bearish for BNB and could see it revisit the $37.2-level of support. The RSI rose above 50 to indicate bullish momentum, also evidenced by the series of higher lows BNB set over the last few days.

A move in either direction has to be backed by above-average trading volume to give legitimacy to the move, otherwise, it would suggest a lack of market conviction.

Steem [STEEM]

Binance Coin, Steem, Compound Price Analysis: 16 January

Source: STEEM/USDT on TradingView

A few days ago, the Awesome Oscillator showed a bullish twin peak set up (white), but was unable to test the $0.19-level of resistance on the back of this development. Instead, it faced selling pressure at $0.185 and was forced to test $0.168 as support.

It recovered from this dip and again rose past and retested the $0.179-mark, and in the short term, appeared to be making another move towards the $0.19-level of resistance.

A rejection at this level would see the same scenario unfold – the trading volume on the recovery has been average and the AO did not indicate that STEEM was poised for a strong move upwards.

Compound [COMP]

Binance Coin, Steem, Compound Price Analysis: 16 January

Source: COMP/USDT on TradingView

A correction to $180 could be on the cards for COMP following a disagreement between the buying volume and the price rally. The OBV set a series of lower highs, while COMP has been on an uptrend from $130 over the past three weeks.

The short-term momentum was likely strong enough to take COMP above $212 – the drop to $190 was reversed rapidly. The MACD formed a bearish crossover, but that appeared to be reversing as well.

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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.

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