Binance Coin hovered beneath the 20, 50, and 200 SMA amid pessimistic reactions in the crypto space within the past 24hrs. The alternative coin recorded 24-hour plummets following the January 17 engulfing candle as its Chaikin Money Flow weakened. Contrarily Ethereum Classic witnessed surges within the last 24 hours but remained with low volatility.
Binance Coin (BNB)
Binance Coin dropped 21.8% of its price since January 5, poking its 3-month low on January 10. Nevertheless, the crypto surged beyond the 20 and 50 Simple Moving Averages and recovered from the losses. However, BNB witnessed a drop from the 200 Simple Moving Average around the supply territory at $500.
As the 20SMA – 50SMA gap faded, selling pressure somehow surged. For now, bulls should thrive to keep the $459 level.
While publishing this news, BNB trades at $463.1. A bearish divergence with the alt’s price had RSI falling beneath the 40 levels. The indicator retested this level once more with its sideways actions. Moreover, the Chaikin Money Flow dropped under the zero line, highlighting feeble money volume. Nevertheless, the ADA hinted at a weak directional bias.
Ethereum Classic (ETC)
Ethereum Classic suffered from the broad market all of January 5. That came after a brief oscillation in the $36 – $33 range around the Point of Control. The alternative coin recorded a 29.8% retracement since December 27 peak until poking a 37-week low on January 10.
However, ETC recovered from the latest decline after creating a descending wedge but faces resistance neat its Point of Control at 23.6% mark. For now, ETC should close past $34.5 for a massive rally. While publishing this article, Ethereum Classic traded around $33.48 following a 6.6% 24hr gain.
Meanwhile, the past five days had RSI testing 67 levels four times. The reading highlighted massive buying momentum. Meanwhile, the Squeeze Momentum Indicator (SMI) displayed black dots, showing low volatility.
The 19.9% correction from January 5 had EOS poking a 5-week low on January 10. However, the alt has registered more than 14% recovery since then, following a downward channel break out. The crypto could not attract buyers around the $2.9 level.
That way bears flipped the level into the closest resistance. Moreover, the latest price actions had the token printing lower highs while keeping the $2.7 mark, depicting increased selling activity.
While publishing this content, EOS traded near $2.743 after dropping beneath the vital level of $2.7. The RSI remained southbound after violating the support at 43. Also, the indicator might hit the oversold zone if buyers fail to rescue EOS from downtrends. Moreover, the Awesome Oscillator dipped beneath equilibrium after a bearish trend.