Binance Coin, Tron, BAT Price Analysis: 02 January

Binance Coin had neutral short-term momentum but could sink to $36 over the next few hours and retrace some gains from recent weeks. Tron labored under long-term selling pressure and was likely to sink to the $0.0258 level of support within the next three days, while Basic Attention Token also appeared likely to lose a level of support to the bears.

Binance Coin [BNB]

Source: BNB/USDT on TradingView

Using the Fibonacci Retracement tool for the previous high at $36.1, a target of $39.15 was projected for BNB. This target was achieved and Binance Coin even reached a value of $39.99.

At the time of writing, sellers had pushed the price back to $37.1. The $37.3 mark has been defended by the bulls over the past week, but a trading session close beneath $37.3 could be the beginning of a larger pullback for BNB.

Pullbacks to $36.1 and $34.6 can occur provided a sharp drop below $36 is witnessed. The RSI sank to the 50 neutral value, and a further descent could signal the onset of short-term bearishness.

Tron [TRX]

Source: TRX/USDT on TradingView

The Gann fan was used for TRX’s swing low at $0.02371 to present some trendlines that TRX can be expected to follow. The MACD showed a minute bullish momentum behind the digital asset but was still beneath the zero line.

The price as well has made a series of lower highs since reaching $0.0374 in late November. This trend of selling pressure would likely see the fan lines be flipped from support to resistance over the coming days.

The $0.027 horizontal mark and the $0.0258 level of support are imminent resistance and support levels for TRX.

Basic Attention Token [BAT]

Source: BAT/USD on TradingView

Basic Attention Token was moving beneath the 50 SMA (yellow) on the charts. Combined with the OBV’s downtrend, the indication was strong bearish pressure on the token.

It had managed to bounce feebly off the $0.2 level of support to reach $0.211 over the past couple of days but was pushed back down to trade at $0.204 at the time of writing.

The $0.212 level needs to be reclaimed by the bulls to have a chance of moving back toward $0.22. The more likely outcome for BAT based on evidence at hand seems to be ceding the $0.2 level to bears and descending further to $0.19 over the next few days.