While the past 48 hours have been quite unfavorable for Market Sentiment, Binance Coin has broken through the $414 mark from support to resistance.
Polkadot and Ethereum Classic fell to multi-month lows and lost key support points. All of these cryptocurrencies are still struggling to increase their volume with increasing prices.
Binance Coin (BNB)
Source: TradingView, BNB/USDT
Alt has been falling since it broke from the descending triangle (yellow). After two significant sell-offs, BNB lost 34.78% of its value (since January 5) and hit a 16-week low on January 22.
During this period, it fell below 4 hours 20-50-200 SMA. As a result, the bears managed to break the three-month support at $414 into resistance. Now, it is important for the bulls to find a close above the 20 SMA (red).
At press time, the alt is trading at $384.5. After falling to a record low of 18.28, RSI has seen a reversal but continues to face resistance at the 40-point mark. More, CMF falls below the zero line, indicating a decrease in cash flow volume. Besides that, Volume Oscillator is trending down in recent green real bodies, depicting a weak upward move.
Polkadot (DOT)
Source: TradingView, DOT/USDT
While the sellers did not ignore the $29.96 mark, the January 5 sell-off formed a strong supply zone (rectangle, green) for DOT. Then, after a short bearish channel, the alt is likely to rise as the price tests the 5-month support at $23.11 (currently resistance).
However, the January 21 outbreak caused a 36.7% drop, while the coin quickly hit a 5-month low on January 22. Now, immediate resistance stand in 20 SMA (glaucous).
At press time, DOT trades at $18.69. The RSI stands at 33. After testing the oversold zone for the past two days, it has revived but still needs to sustain above 41. Furthermore, OBV is on a persistent decline and confirms the downtrend. Besides, MACD confirmed the previous analysis, but its histogram and lines show that selling pressure is waning.
Ethereum Classic (ETC)
Source: TradingView, ETC/USDT
After briefly oscillating between the $36 and $33 range, ETC dipped below Control point (red) near the 23.6% Fibonacci resistance level on Jan. 5. Since then, all bullish revival attempts have stopped at the aforementioned level.
ETC has lost 39.98% of its value (from the January 19 high) and hit a nine-month low on January 22. From here on, the rigorous task for the bulls is to find the level. sustained close above the $28.12 mark.
At press time, ETC trades at $24.77. The RSI barely rose above oversold territory. This reading describes a powerful selling influence. On the other hand, Momentum Squeeze indicator flashing gray dots, hinting at a period of high volatility.