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Robinhood Stock Trading | Investing & Articles

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Robinhood Stock Trading | Investing & Articles

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Binance
Home›Binance›Binance Coin, Polkadot, Ethereum Classic Price Analysis: January 23

Binance Coin, Polkadot, Ethereum Classic Price Analysis: January 23

By Tim Kane
January 23, 2022
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While the past 48 hours have been rather detrimental to market sentiment, Binance Coin has taken the $414 mark from support to resistance.

Polkadot and Ethereum Classic dipped to multi-month lows and lost crucial support points. All of these cryptos are still struggling to increase their volumes at rising prices.

Binance Coin (BNB)

Source: TradingView, BNB/USDT

The alt has been in freefall ever since it broke down from the descending triangle (yellow). After two major sell-offs, BNB lost 34.78% of its value (from January 5) and hit its 16-week low on January 22.

During this phase, it dipped below its 4 hours 20-50-200 ADM. As a result, the bears managed to tip the three-month support at the $414 mark towards resistance. Now, it becomes crucial for the bulls to find a close above the 20 SMA (red).

At press time, the alt was trading at $384.5. After plunging to a record low of 18.28, the IRS saw a reversal but continued to face resistance at the 40 mark. Additionally, the CME fell below the zero line, hinting at a decrease in cash flow volumes. Besides, the Volume oscillator was in a downtrend during the recent green candlesticks, illustrating weak bullish movement.

Peas (DOT)

Source: TradingView, DOT/USDT

While sellers were quick to intervene at the $29.96 mark, the January 5 sell-off provided a strong supply zone (rectangle, green) for DOT. Then, after a brief declining channel, the alt saw a likely rally as price tested the five-month support at $23.11 (now resistance).

However, the January 21 fallout triggered a 36.7% decline, as the alt rushed to hit its five-month low on January 22. Now the immediate resistance stood at the 20 ADM (cyan).

At press time, DOT was trading at $18.69. the IRS was holding at the 33 mark. After testing the oversold region for the past couple of days, it has rallied but is yet to hold above the 41 mark. VOB was on a persistent decline and confirmed the bearish strength. Also MACD confirmed the previous analysis, but its histogram and lines indicate a decrease in selling pressure.

Ethereum Classic (ETC)

Source: TradingView, ETC/USDT

After briefly hovering between $36 and $33, ETC fell below its Checkpoint (red) near the 23.6% Fibonacci resistance on January 5. Since then, all bullish stimulus attempts have stopped at the aforementioned mark.

ETC lost 39.98% of its value (from the January 19 high) and hit a nine-month low on January 22. As of now, it is a daunting task for the bulls to find a sustained close above the $28.12 mark.

At press time, ETC was trading at $24.77. the IRS barely moved beyond oversold territory. This reading depicts a strong selling influence. On the other hand, the Compression momentum indicator flashing gray dots, hinting at a phase of high volatility.

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