Binance Coin, MATIC, Tron Price Analysis: January 10
As Bitcoin and Ethereum lost their long-term supports, Binance Coin and Tron hit their multi-month lows on January 8. Now 20-EMA was a powerful resistance to them. Additionally, MATIC lost the 61.8% Fibonacci critical support level.
Binance Coin (BNB)
Since November 26, BNB has tested the $ 512 level support several times while scoring lower peaks. So he saw a descending triangle (yellow) on his 4 hour chart, visibly illustrating the increased selling pressure.
The wooded level has offered the highest trading volumes over the past four months. But the Jan.5 sell-off reinforced the BNB’s already existing bearish vigor as the alt experienced a structured breakdown.
With a loss of over 18% of its value (as of January 5), altcoin hit its three-month low on January 8. As a result, the gap between EMA ribbons increased while the 20 EMA was an immediate hurdle for BNB bulls.
At time of printing, the alt was trading at $ 442.8. The RSI saw a rise after a bullish divergence with price action. Therefore, the BNB went out of the down channel (white). Now the Squeeze Momentum indicator black dots flashed, hinting at a phase of low volatility.
The alt saw an almost 70% return on investment (from its December 14 low) and rallied to its ATH on December 27.
Since then, it has repeatedly tested Fibonacci support at 38.2% as bears continued to increase selling pressure. After a nearly 23% retracement (from Jan.5), MATIC hit its three-week low on Jan.8. As a result, it lost the vital 61.8% while regaining the 78.6% Fibonacci support.
At time of printing, MATIC was trading 27% below its ATH at $ 2.138. Since December 28, the RSI have failed to score a convincing close above the halfway line. Although he saw a bullish divergence with the price, he struggled to cross the midline.
Additionally, the Awesome Oscillator was below equilibrium but portrayed increasing buying pressure by scoring higher lows.
Tron has been on a persistent downtrend after hitting its six-month high on November 15th. Since then, the alt has marked a bearish flag and three descending channels on its 4 hour chart. As a result, it has lost almost 50.27% of its value to date.
As the price swung sideways in the previous demand zone (now supply zone, yellow rectangle), buyers failed to intervene as TRX pulled out almost 17% (as of January 5) . As a result, altcoin hit its lowest level in five months on January 8. The gap between the The EMA ribbons increased while the 20 EMA was now a test point for bulls.
At the time of publication, the TRX was trading at $ 0.0666. While the $ 0.064 support was strong, the RSI moved up from oversold territory after testing it three times in four days. Although the MACD lines are below the equilibrium, they represent an increase in purchasing power.