Binance Coin, Bitcoin SV, Tron Technical Analysis on 4th October 2020

The cryptocurrency market has been fairly stable and Bitcoin remained unfazed despite an eventful week that saw the Kucoin hack and CFTC announcing legal action against the crypto exchange, BitMEX. These are the signs of asset class maturing. At the time of writing, the global crypto market cap was found to be at $338.59 billion, a 0.63% increase over the last day.

Binance Coin [BNB]:

Binance Coin [BNB] was up by 2.89% over the last 24-hours driving its price to $28.33. At the time of writing, the token registered a market cap of $4.091 billion and a 24-hour trading volume of $474 million.

BNB’s price appeared to have topped out as the red closing bar of Awesome Oscillator depicted a shift towards bearish momentum Chaikin Money Flow also appeared to take a plunge near the zero-line, nearly a month later, suggesting a decline in the inflow of the money into the coin market.

If this trend persists, BNB could retrace its steps back to its previous level of support at $22.93 while overhead resistance remained unbreached at $29.38.

Bitcoin SV [BSV]:

Over the past 24-hours, Bitcoin SV [BSV] was down by 0.41% which caused a dip in its price to $161.01 as it held a market cap of $2.98 billion $491 million.

The fork coin was struggling close to its support level of $158.84. This was evidenced by Klinger Oscillator which depicted the reading line moving close to the signal line. Further reinstating the presence of bearishness was the MACD indicator which appeared to be heading for a bearish crossover in the near-term.

BSV was in a crucial zone at the time of writing. If the bulls fail to hold this level of support, BSV could fall to $106, a level that was last seen during the Black Thursday crash in March. Its immediate resistance level stood at $201

Tron [TRX]:

Riding on the success of the DeFi wave, Tron [TRX] has managed to breach significant resistances along the way. However, a 4.14% decrease over the last day caused the coin to drop to $0.0261. At the time of writing, TRX held a market cap of $1.87 billion and recorded a 24-hour trading volume of $1.49 billion.

The dotted markers above the TRX price candles resisted an uptrend exhibiting a bearish phase for the coin. The RSI was struggling to breach the 50-median line depicting a sentiment of sell-pressure among the traders in the coin market.

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.