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You are here: Home / Archives for Azeez Mustapha

Azeez Mustapha

Litecoin Price Analysis: LTC Points to a Consolidation in the Short Term

September 16, 2019 by Azeez Mustapha

   Key Highlights

  • Litecoin (LTC)’s market consolidates above the $68 demand zone
  • Currently, the coin fluctuates between the levels of $64 and $72 demand zones
  • The price of Litecoin is presently facing resistance at the $72 demand zone; a breakout will make LTC rally above $90 supply zone

   Litecoin (LTC) Current Statistics

 The current price: $70

Market Capitalization: $4,447,808,502

Trading Volume: $2,262,409,969

Major supply zones: $90,$110,$130

Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis September 16, 2019

On August 28, the price of Litecoin reached a low of $63 and made an upward move. The price correction was short-lived as the bulls were resisted at the $72 resistance zone. In the last five days, the price has been hovering above the $68 demand zone.

On the upside, if the bulls break the $72 resistance zone, the cryptocurrency’s price will rise and reach the supply zones of $80 and $90. Conversely, if the bulls fail to overcome the $72 resistance zone, the downtrend will resume, and the price will reach a low of $60 demand zone.

LTC/USD-Daily Chart
LTC/USD Pair Daily Chart – September 16, 2019.

 LTC Technical Indicators Reading

  Another Fibonacci tool is drawn on Litecoin to determine the extent of the bearish trend. On July 17, the price corrected and the body of a bullish candlestick tested the 0.786 Fibonacci retracement level. This explains that as the market resumes its bearish impulse, it is likely that the price will reach the 1.272 Fibonacci extension level.

At the 1.272 Fib. extension level, the bearish pressure would have been exhausted. The bulls may take control of price, or buyers will emerge. The price of Litecoin is in a sideways move according to the Relative Strength Index period 14 level 43. The blue and red lines exponential moving averages are sloping horizontally as the market consolidates above the $68 demand zone.

 Conclusion

The downward trend is likely to continue as the price of 5th most significant cryptocurrency stands below the EMAs, indicating that LTC price is in the bearish trend zone.

The Fibonacci tool indicates that the market will fall to the 1.272 Fib.extension level. In other words, Litecoin will depreciate to the low of $58 or $60 demand zone. This analysis will be invalidated if the bulls break the upper trend line, and Litecoin’s price resumes its uptrend.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: Market Analysis Tagged With: Litecoin (LTC), Price Analysis

Bitcoin Cash Price Analysis: Bear and Bull Continue Market Tussle Without a Breakthrough

September 14, 2019 by Azeez Mustapha

Key Highlights

  • BCH/USD pair has been in a sideways move after July 13 strong bearish move
  • Bitcoin Cash (BCH)’s $280 demand zone and $360 supply zone have remained unbroken over the past 60 days
  • The downward movement will resume the moment the $280 demand zone gets broken, and the price is sustained

Bitcoin Cash’s Current Statistics

Current BCH price: $298

Market Capitalization: $5,371,359,637

Trading Volume: $1,201,368,445

Supply zones: $400, $440, $480

Demand zones: $240,$200, $160

 Bitcoin Cash Price Analysis September 14, 2019

The bulls and the bears seem to have reached a consensus as the market is range-bound between the $280 support zone and the $360 supply zone. Neither the bears nor the bulls have been successful to break their respective zones.

However, the coin’s downward move will resume the moment the bears break the $280 demand zone, and the bearish move is sustained. Bitcoin Cash’s price is likely to fall and reach a low of $200 demand zone. Conversely, in case the bulls gain an upper hand and the $360 supply zone gets broken, the coin will resume its uptrend and revisit the previous high of $480 supply zone.

BCHUSD-daily Chart September 14, 2019

BCH Technical Indicators Reading

The BCHUSD pair is trading between two horizontal lines indicating that price is in a range bound move. If the upper horizontal line is broken, the crypto’s price will resume its uptrend. Conversely, the market will further depreciate if the lower horizontal line is broken. A Fibonacci tool is drawn as shown in a downtrend.

The lower swing is drawn on July 13, while the upper swing is at the $520 supply zone. A retraced bullish candlestick tested the 0.786 Fib.retracement level indicating that the market is likely to fall and reach the 1.272 Fib extension level. The BCH market is below the 80% range of the stochastic indicator showing that price is in bearish momentum.

Conclusion

The coin is likely to fall according to the Fibonacci tool and the colored exponential moving averages. The crypto’s price is below the EMAs, indicating that the crypto’s price is falling. Bitcoin Cash (BCH)’s market is currently at the $280 demand zone, and if the bears fail to break the support zone, the crypto’s price will continue its range-bound movement.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Bitcoin Cash (BCH), Price Analysis

Ripple Price Analysis: Can XRP Reach the Supply Level at $0.30?

September 14, 2019 by Azeez Mustapha

Key Highlights

  • XRP/USD pair consolidates above the $0.25 demand zone since August 28
  • Ripple bulls failed to break the $0.26 demand zone in the last two weeks
  • If the price rebounds and breaks the $0.26 resistance zone, XRP will reach the $0.30 supply zone

 Ripple (XRP)’s Current Statistics

The current price: $0.25

Market Capitalization: $10,977,415,218

Trading Volume: $845,981,746

Major supply zones: $0.35, $0.40, $0.50

Major demand zones: $0.20, $0.15, $0.10

Ripple (XRP) Price Analysis September 14, 2019

Ripple’s cryptocurrency has continued to consolidate above the $0.25 demand zone after a strong bearish move on August 14. The market had earlier fallen to the low of $0.26 demand zone, but the bears found support at the $0.25 demand zone. The price corrected higher, but it is facing selling pressure at the $0.26 demand zone.

However, if the bulls fail to sustain the XRP price above the $0.26 demand zone, there is a likelihood that the market will be under the control of the bears. In other words, if the bears break the $0.24 or $25 demand zone, Ripple is likely to fall to the low of $0.19 demand zone. Conversely, a rebound at the $0.25 demand zone will push the price to reach the previous high of $0.30 supply zone.

XRPUSD-Daily Chart September 14, 2019

Ripple Technical Indicators Reading

 The crypto’s price is currently resisted by the blue line exponential (12-day EMA) moving average. If the bulls break above the EMAs, the market will reach the $0.30 supply zone. Meanwhile, the blue and red lines are sloping southward, indicating that the price is falling.

At the lower trend line, if the bears break the lower trend line, the price will fall to the 1.272 Fibonacci extension level. Nevertheless, if the bulls break the upper trend line, XRP will commence an upward movement. The Relative Strength Index Period 14 level 37 is indicating that the coin is approaching the oversold region.

Conclusion

The Fibonacci tool drawn indicates that Ripple is likely to continue its downward move. The market is expected to fall and reach the 1.272 Fib extension level. In other words, the XRP/USD pair is likely to reach a low of $0.22 demand zone. The RSI indicator and the exponential moving averages have signaled the downward move of Ripple price.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Price Analysis, Ripple XRP

Cardano Price Analysis: ADA Price Pattern May Result in a Breakout

September 10, 2019 by Azeez Mustapha

Key Highlights

  • Cardano (ADA) price falls and makes a series of lower highs and lower lows
  • A breakout above the $0.05 and $0.06 demand zones is a signal that the downtrend is over
  • As the price of Cardano makes its final down move, the price pattern forms a bullish reversal

 Cardano’s Current Statistics

The current price: $0.047

Market Capitalization: $1,234,344,922

Trading Volume: $61,196,625

Major supply zones: $0.07, $0.08, $0.09

Major demand zones: $0.03, $0.02, $0.01

Cardano Price Analysis September 10, 2019

On July 16, the coin fell to the low of $0.051 and the market corrected itself to a high of $0.062 demand zone. After its upward movement, the crypto’s price begins to make a series of lower highs and lower lows with two contracting lines. As price continues its downward move, the price action begins to narrow down making the bears exhaust their selling pressure.

This indicates that the market is forming a falling wedge in a downtrend which may likely reverse the trend. Nevertheless, if the price action follows a falling wedge pattern, the price will eventually break the upper line of the falling wedge and reach the previous high of $0.07 demand zone. The price movement after the breakout is likely to be the same magnitude as the height of the formation.

ADAUSD-Daily Chart Sept 10, 2019

ADA Technical Indicators Reading

  The price of Cardano forms a falling wedge in its final downward move. The upper line and the lower line of the falling wedge is slanting down from left to right. If the upper and the lower line converge, the price may breakout above the upper trend line.

ADA price is likely to rise, the moment price breaks the upper trend line. The cryptocurrency’s price is above the 25% range of the daily stochastic indicator. This indicates that price is in a bullish momentum and a buy signal. Nevertheless, the colored lines of exponential moving averages are sloping southward indicating that price is falling.

Conclusion

The price of Cardano is likely to rise as shown by the falling wedge. The price pattern was formed at the bottom of the downtrend which gives the impression that the bearish trend is likely to reverse. The upper trend line is descending at a steeper angle than the lower trend line.

If the upper and lower lines contract the trading activities and volume will diminish as price narrows down. A breakout is inevitable if the market narrows down after the contracting lines. If price breaks the upper trend line, ADA is expected to reverse and trend higher. Traders may want to look out for a buy set up to initiate long orders.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Cardano (ADA), Price Analysis

TRON Price Analysis: Bear and Bull Resume Another Tug of War on TRX

September 9, 2019 by Azeez Mustapha

Key Highlights

  •  The TRX price fluctuates between $0.0145 and $0.016 demand zones
  •  Tron bulls are facing resistance at the $0.016 demand zone in the last one week
  •  The market may face a breakdown or a breakout at the $0.0145 or $0.016 demand zones

 TRON(TRX) Current Statistics

The current price: $0.015

Market Capitalization: $1,033,663,635

Trading Volume: $563,300,201

Major supply zones: $0.025, $0.030, $0.035

Major demand zones: $0.015, $0.010, $0.005

TRON Price Analysis September 09, 2019

On August 28, after a strong bearish move, Tron fell to the low of $0.015 demand zone and commenced a range-bound move between the levels of $0.0145 and $0.016 demand zones. Neither the bulls nor the bears have had the upper hand as the market makes a sideways move.

The bulls have made three attempts at the $0.016 resistance zone but were repelled. On September 5, the bears made another strong bearish move but were resisted at the $0.0145 demand zone.

However, if the bulls retest and fail to break the $0.016 resistance zone, the price of TRON may continue its downward move. Nevertheless, if the bears manage to break the $0.0145 demand zone, the market will reach the lows of $0.012 or $0.0135 demand zone. Conversely, if the bulls have the upper hand, and break the $0.016 demand zone, the cryptocurrency’s price will rise and retest the $0.018 demand zone. 

TRXUSD-Daily Chart Sep 9, 2019

TRON Technical Indicators Reading

The blue and red line moving averages are trending southward, indicating that the market is falling. The blue line is 12-day EMA, and it is acting as a resistance to the price of TRON. The RSI indicator period 14 level 29 indicates that the crypto’s price is trading at the oversold region indicating bearish exhaustion.

Conclusion 

The price action of TRON does not show signs of price reversal as the bullish candlestick seem to be resisted by the 12-day EMA. Instead, the market is fluctuating within a tight range of $0.0145 and  $0.016 demand zones.

On the downside, if the bears end up breaking the $0.0145 demand zone, Tron (TRX)’s price will further depreciate. Nevertheless, if the bulls break the $0.016 demand zone, the market may continue its upward move. However, if these levels are unbroken, the coin will continue its sideways movement.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Price Analysis, TRON (TRX)

Bitcoin Price Analysis: $9K Demand Level Remains a Formidable Barrier for Sellers

September 6, 2019 by Azeez Mustapha

Key Highlights

  • Bitcoin price has rebounded at the critical support of $9,000 and has risen above the moving averages indicating that price is in the bullish trend zone
  • The bulls are facing resistance at the $11,000 mark, a breakout at the $11,000 and $12,000 price zones will push the market above the $13,000 supply zone
  • The $9,000 demand zone is a critical support zone. A breakdown at this zone will cause further depreciation to the cryptocurrency

Bitcoin (BTC) Current Statistics

The current price: $10,741

Market Capitalization: $192,468,918,718

Trading Volume: $15,367,062,128

Major supply zones: $13,000, $14,000, $15,000

Major demand zones: $9,000, $8,000, $7,000 

Bitcoin Price Analysis September 06, 2019

The price of Bitcoin (BTC) has been hovering above the $10,000 demand zone for the past few weeks in August. The demand zone has experienced false breakdown as the market corrected itself on each occasion. The correction is short-lived as the bulls were resisted at the $10,400 and the $10,800 demand zones. However, on August 28, the BTC price had a strong selling pressure which broke the $10,000 demand zone and price fell to the $9,400 demand zone.

The $9,000 demand zone is a critical support zone as the coin makes an upward move. If more buyers come in at this zone, the upward movement may be sustained. In other words, an intense buying pressure will break the $10,400 and $10,800 demand zones.

The uptrend resumption may commence if the bulls break the $11,000 and $12, 000 resistance zones. Conversely, if the bears break the critical support zone, the market will nosedive to the lows of $7,500 or $8,000 demand zones.

BTCUSD-Daily price forecast Sep 6, 2019Bitcoin Technical Indicators Reading

The price of Bitcoin is above 50% range of the daily stochastic indicator. However, the blue and red bands of the indicator have made a U-turn above the oversold region. This indicates that the crypto’s price is in a bullish momentum and a buy signal. Also, the price has risen and broken above the blue line and the red line moving averages, indicating that price is in the bullish trend zone.

Conclusion 

The BTC price has resumed its upward movement to revisit the previous highs. The market is expected to rise as the bulls made an upward move to retest the upper trend line. However, if the bulls test and fail to break the $10,800 demand zone, the downtrend is likely to resume. On the downside, if the bears break the critical demand zone, the price of Bitcoin will fall. Besides, the uptrend resumption is likely to be delayed.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Bitcoin (BTC), Price Analysis

Stellar Price’s Consolidation Breaks Down as the Bears Gain an Upper Hand

September 5, 2019 by Azeez Mustapha

 Key Highlights

  • The price of Stellar has been ranging between 0.066 and 0.072 USD demand zones for the past three weeks
  • XLM resumes its downtrend as price breaks the $0.066 demand zone
  • The downward fall may continue if the bulls fail to break above the $0.066 demand zone

Stellar (XLM) Current Statistics

The current price: $0.060

Market Capitalization: $1,192,093,715

Trading Volume: $121,576,222

Major supply zones: $0.09, $0.1, $0.11

Major demand zones: $0.06, $0.05, $0.04

Stellar Price Analysis September 05, 2019

XLM price had been trading between the $0.066 and $0.072 demand zones in the last three weeks. On August 14, the bears broke the $0.072 demand zone, and the market fell to the low of $0.066 demand zone. Then the market continues its consolidation within the $0.066 and $0.072 price range.

The bulls tested the $0.072 demand zone on two occasions but failed to break it. However, on August 28, an intense selling pressure broke the $0.066 demand zone as the market continued its downward move.

If the bulls had broken the 0.072 USD demand zone, the cryptocurrency’s price would have resumed its uptrend. Meanwhile, the coin has fallen to a low of $0.060 demand zone.

Nevertheless, Stellar Lumens’ XLM is making a downward correction, but it is facing resistance. The price of XLM is likely to continue its fall if, after the price correction, the bulls fail to break above the $0.066 demand zone.

XLMUSD-Daily Chart September 5, 2019

XLM Technical Indicators Reading

The colored lines are exponential moving averages which are trending southward indicating that the market is falling. The blue lines are acting as resistance to the crypto’ price, which fails to break the 12-day EMA. XLM price has reached the oversold region of the Relative Strength Index Period 14 level 31. This means that the bearish pressure is exhausting, suggesting bulls to take control of price.

Conclusion

Stellar may further depreciate if the bulls fail to break above the EMAs. In other words, if price retests the $0.066 demand zone and fails to break it, the market will continue its fall. The market has continued its fall as the bulls failed to break the 12-day EMA.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Price Analysis, Stellar (XLM)

Ethereum Price Analysis: There is No End on Sight for the Current ETH Bearish Run

September 1, 2019 by Azeez Mustapha

Key Highlights

  • The price of Ethereum is still trading in a tight range
  • The coin is in a sideways move between the $160 and $200 demand zones
  • The bearish run continues as the bears break 200 demand zone and approach the low of $160

 Ethereum ( ETH) Current Statistics

The current price:  $170

Market Capitalization:  $18,355,213,419

Trading Volume: $5,780,921,517

Major supply zones: $280, $320, $360

Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 01, 2019

Since July, the bulls tested the $320 supply zone, and ETH price commenced its downward move. The market is likely to continue its downward fall because the bears broke the $180 and $200 demand zones. After its initial fall at the $200 demand zone, the bulls defended the demand zone and made an upward move to retest the $240 price zone.

This resulted in the bears breaking the $200 and $180 support zones. As the bears broke the $180 demand zone, there is the likelihood that the downtrend will continue with little or no resistance. On the downside, in case the cryptocurrency continues its downward movement, it might revisit the previous lows of $140 and $160 demand zones.

ETHUSD-Daily Chart Sep 1, 2019

 ETH Technical Indicators Reading

The blue line and the red line exponential moving averages were in an upward movement when the market reached its peak price of $360. On July 12, the blue line EMA crossed below red line EMA which gives us the signal to initiate short trades. If traders had begun short trades in July, they would have been in profits. The EMAs are acting as resistance as the price continues its fall.

The RSI period 14 level 31 indicates that ETH price is approaching the oversold region where buyers are likely to come into the market. Besides, the coin is expected to depreciate, if the lower trend line is broken.

 Conclusion 

It is likely for the price of Ethereum to continue its fall because the bulls failed to hold on to the $180 and $200 demand zones. A breakdown at the lower trend line is expected, which will in effect cause depreciation to the coin. Conversely, if buyers emerge at the oversold region and break the bearish trend line, and the candlestick is closed above it; ETH price is likely to resume its uptrend.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Ethereum (ETH), Price Analysis

Bitcoin Cash (BCH)’s Sideways Move May Lead to Breakout or Breakdown

August 31, 2019 by Azeez Mustapha

Key Highlights

  • BCH/USD pair now trades below the $320 supply zone
  • The bulls failed to break the $320 supply zone on three occasions
  • The coin continues its downtrend below the $300 demand zone

Bitcoin Cash (BCH) Current Statistics

The current price: $277.38

Market Capitalization: $4,986,543,128

Trading Volume: $1,160,137,337

Major supply zones: $400, $440, $480

Major demand zones: $240,$200, $160

Bitcoin Cash Price Analysis August 31, 2019

On August 13, the coin got depreciated when the crypto’s price rose and tested the $360 supply zone.  After the downtrend, the price fell to the low of $280 and resume a sideways move between the $300 demand zone and the $320 supply zone. The bulls made attempts on three occasions to break the $320 supply zone but were repelled.

After three unsuccessful attempts at the $320 supply zone, the coin continued its downward move. Any breakout at the $320 supply zone will result in a price rally above the $360 supply zone. Similarly, the market had also tested a $280 demand zone which was BCH previous low.

However, the bears have broken the previous low, and the cryptocurrency is likely to further depreciate to the lows of $160 or $200 demand zones.

BCHUSD-Daily Chart August 31, 2019BCH Technical Indicators Reading

The blue line moving average is sloping below and above red line moving average but now pointing southward. This explains that the crypto’s price is falling. The MACD line and the signal line are sloping below the zero lines indicating that BCH price is in the bearish trend zone.

Conclusion

The BCHUSD pair has continued to slide down from $360 to $311 supply zones. On the upside, if the bulls get halted to break the $320 supply zone, the $200 and $240 demand zones are likely to be breached.

Besides, the lower trend line is likely to be broken as the price carries on its downward movement. On the upside, if the cryptocurrency’s price breaks the bearish trend line and the candlestick gets closed above it, the Bitcoin Cash market will more likely go up.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Bitcoin Cash (BCH), Price Analysis

Binance Coin (BNB) Fails to Rebound as the Coin Continues its Downtrend

August 31, 2019 by Azeez Mustapha

Key Highlights

  • The $24 demand zone is a critical support zone, but the market fails to rebound
  • If the market continues its downtrend, the price will drop below the current price zone
  • BNB price is struggling to hold at the $22 demand zone

Binance Coin(BNB) Current Statistics

The current price: $22

Market Capitalization: $3,434,551,062

Trading Volume: $183,536,996

Major supply zones: $36, $40, $44

Major demand zones: $20, $16, $12

Binance Coin (BNB) Price Analysis August 31, 2019

The BNB price has finally broken the $24 demand zone, and it is continuing its downward fall. The $24 demand zone is a critical support zone where price has been holding for some sometimes. The market has earlier consolidated at this zone before making an upward movement. This makes the demand zone a strong support zone. BNB price is likely to hold if price respects the previous price zone.

On July 17 and 30, the market respected the historical price zone and made an upward move. The crypto’s price tested the $32 supply zone on three occasions before the market fell to the low of $22 demand zone. If the $22 demand zone holds, buyers are likely to emerge to propel price to retest the previous highs. On the other hand, if the $22 demand zone is breached, the market will further depreciate.

BNBUSD-Daily Chart August 31, 2019BNB Technical Indicators Reading

The coin is in the oversold region of the daily Relative Strength Index (RSI) period 14 levels 25. This indicates that the coin’s market is in the oversold state right now, suggesting bulls to gain control of its price soon. The moving averages are sloping southward indicating that price is in a bearish move.

Besides, if the market breaks and closes above the upper trend line, Binance Coin (BNB) will more likely rise. Nevertheless, the lower trend line has been breached, and the candlestick is closed below it; therefore, the market continues its downward fall.

 Conclusion

BNB/USD pair is likely to rise if the bulls defend the $22 demand zone. In other words, if the bulls break the $30 supply zone, the coin may resume its upward move and retest the previous highs. However, our analysis will be invalidated if the bears break the $22 demand zone, and Binance Coin (BNB)’s price falls to the low of either $18 or $20 demand zone.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Binance Coin (BNB), Price Analysis

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