Binance Coin, Tron, Bitcoin Cash Technical Analysis On 1st November 2020

The global crypto market cap has jumped back to $400 billion, according to CoinMarketCap, despite inaction in the price of several altcoins including Binance Coin [BNB], Tron [TRX], and Bitcoin Cash [BCH]. Bitcoin’s stint above $14,000 was cut short as overhead resistance strengthened. The coin was consolidating below this region while altcoins, on the other hand, registered a notable decline over the past day.

Binance Coin [BNB]

Over the past 24-hours, Binance Coin [BNB] was down by1.29% and was priced at $28.25 as it held a market cap of $4.08 billion and a 24-hour trading volume of $329 million.

BNB was turned down from the recently established local top of $31.57 which acted as a crucial resistance area. This was depicted by the red closing bars of Awesome Oscillator which flipped into bearish momentum in the coin’s price. Further validating the bearish pressure was the fall of Chaikin Money Flow below the zero-line depicting an outflow of capital from the coin market.

If the bears succeed in its attempt to price the sink lower than the current level, BNB could find itself retest its immediate support level of $22.96.

Tron [TRX]

Tron [TRX] also depreciated by 1.55% over the past day which drove its price to $0.0256. At the time of writing, TRX registered a market cap of $1.83 billion and a 24-hour trading volume of $872 million.

TRX was trading a little above its support level of $0.0254 for nearly two months without much progress. The inaction in terms of its price has triggered a bearish crossover for Klinger Oscillator. The MACD has been pointing towards a sell signal over the past week. Furthermore, a few days ago, it also moved beneath the zero-line, thus indicating stronger bearishness.

The $0.247 level can offer some support if TRX dropped further while its overhead resistance remained unbreached at $0.030

Bitcoin Cash [BCH]

Bitcoin Cash [BCH] was valued at $261 after a decline of 1.01% over the last 24-hours. It recorded a market cap of $4.85 billion and a 24-hour trading volume of $1.67 billion, at the time of writing.

Despite the latest price dip, the bears have continued to defend the current range. This was demonstrated by the dotted markers of Parabolic SAR which supported the BCH price candles from an extended loss, thus exhibiting a bullish trend for the coin. A further upward breach, might not play out despite the bullish patterns was due to the formation of a bearish divergence between the price and the RSI. These essentially meant that the sellers were not done yet.

In the case of depreciation, BCH could retrace to the $241 support level as it found significant resistance from $291.

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.