Cardano, Tron, Binance Coin Technical Analysis on 20th August 2020

Prior to the market correction, the cryptocurrency market was in a state of consolidation. The latest decline in the valuation of the coins drove the collective market cap to $365 billion. This could, however, attract buyers as the long-term picture suggested a bullish outcome.

Cardano [ADA]

Cardano [ADA] has so far failed to consolidate below its yearly high. At the time of writing, the ninth-largest cryptocurrency by market cap stood at a price of $0.129 after depreciating by 2.82% over the last 24-hours.

The dotted markers of the Parabolic SAR were above the ADA candles depicting a bearish trend. The RSI also depicted a rising sentiment of sell pressure among the traders of the coin market.

The next leg for an upward price trend, which does not seem likely in the near-term, stood firm above $0.15. In case of a further downturn, the coin could find significant support at $0.11-level.

Tron [TRX]

Tron Foundation’s partnership with WAVES as well as the launch of its new DeFi instrument, JustSwap has been no less than critical milestones for the year. Its price, on the other hand, turned down to $0.026 after a minor decline of 0.92% over the last 24-hours.

The green closing bars of the Awesome Oscillator showed a shift in momentum to bullish in the near-term. The Chaikin Money Flow was also in the bullish territory depicting money flowing into the coin market and an overall positive picture for TRX.

The coin faced severe rejection at $0.0307. If Tron bulls attempt to rise above the said level, it could climb closer to the levels not seen since July 2019 while it was firmly supported at $0.20-level.

Binance Coin [BNB]

After a drop of 1.35% over the past day, the tenth-largest cryptocurrency, Binance Coin [BNB] slipped to $22.31.

Both Klinger Oscillator and the MACD indicator underwent a bearish crossover following the latest pullback  If this trend persists, the coin could sink deeper. Notably, BNB has been turned down from the resistance level of $26.5. If the token’s value further drops, BNB could test support at $18.3.

On the brighter side, this could potentially help buyers to stack BNB and eventually drive the coin’s price up.