Binance Coin needs to overcome some selling pressure before resuming its uptrend. THETA projected movement within a tight channel of $13.8-$11.2. Finally, Verge could see a breakout from a descending channel before the price approaches its 200-SMA.
Binance Coin [BNB]
Binance Coin successfully captured the level above $600 and even formed a new peak at $639.4. Since climbing above its $317.6-resistance, the cryptocurrency has been in price discovery mode and its bullish trajectory could even touch $650 over the coming days. However, some bearish pressure needed to be negotiated first. Selling volumes outmatched buying volumes over the last few session and the bulls would need to defend the $548.8-support from a breakdown.
In case of a southbound move, losses can be cut short at the 20-SMA (coincides with $524-support) and the 50-SMA (coincides with $452.2-support). The MACD showed a bearish crossover but BNB not in any threat of a sharp sell-off. The RSI looked to move back towards the overbought territory after pointing north from 64.
The Bollinger Bands remained compressed and showed low volatility as THETA moved within the channel of $13.8-$11.2. Moreover, an ADX reading of 12 showed a weak trend and large price swings were unlikely in such a situation.
After snapping its ATH in late March, it was possible that THETA was in accumulation mode before the next upswing. The 24-hour trading volumes did clock in at nearly $300 million, but more activity was needed for a breakout from this channel.
Verge traded within a descending channel on the 4-hour timeframe and moved closer to its 200-SMA (green). A breakout can be expected from this pattern and towards resistance levels of $0.042 or $0.046. However, a dip below the 200-SMA could signal a breakdown and negate the current pattern.
The MACD remained below the half mark but a bullish crossover could take place in the next few hours. If the CMF also makes a comeback above the half-line, a bearish outcome could be avoided over the coming sessions.
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