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You are here: Home / News / Altcoin News / Chainlink, Bitcoin Cash, Binance Coin Technical Analysis On 3rd November 2020
Chainlink, Bitcoin Cash, Binance Coin Technical Analysis On 3rd November 2020

Chainlink, Bitcoin Cash, Binance Coin Technical Analysis On 3rd November 2020

November 3, 2020 by Reena Shaw

The global cryptocurrency market cap dropped to $391.98 billion after facing a considerable sell-off triggered by short-term traders booked for profits. Several altcoins such as Chainlink, Bitcoin Cash as well as Binance Coin slid below their respective support levels.

Chainlink [LINK]:

LINK 1 e1604403896763

Chainlink [LINK] was down by 8.55% over the last day which drove the token’s price to $10.36 as it held a market cap of $4.04 billion and a 24-hour trading volume of $1.69 billion.

LINK’s uptrend was halted by the increasing bearish pressure. This reversal in trend was noted by the red closing bars of Awesome Oscillator which depicted a bearish momentum in the coin’s price. Chaikin Money Flow did drop close to the zero-line, however, it has so far managed to hold its fort above the said mark. This essentially meant a minor decline in the inflow of capital in the coin market.

If the bulls manage to make headway, Chainlink could climb till its nearest target of $12.36. However, if the bearish pressure sets in, the token could face a retraction to $8.6.

Bitcoin Cash [BCH]:

BCH 1 e1604404414173

Bitcoin Cash [BCH] noted an 8.12% decrease over the last 24-hours. At the time of writing, BCH was valued at $238.8 as it recorded a market cap of $4.43 billion and a 24-hour trading volume of $2.85 billion.

The MACD generated a weak sell signal as it formed a bullish crossover under zero. A move by the MACD into the bearish territory essentially confirmed that BCH was heading towards further loss. The Klinger Oscillator also mimicked the price trend as it sustained a bearish crossover.

If the bulls fail to defend this support area, Bitcoin Cash could fall to another crucial support level of $219 while the resistance recently breached $268.

Binance Coin [BNB]:

BNB 1 e1604405141470

Over the last 24-hours, Binance Coin [BNB] fell by 7.36% pushing the price to $26.64. BNB registered a market cap of $3.84 billion and a 24-hour trading volume of $452 million.

Following the latest downturn in the market, the dotted markers of the Parabolic SAR aligned above the BNB candlestick resisting a potential upward breakout. The Relative Strength Index took a dive closer to the oversold region suggesting a rising sentiment of increasing sell-pressure in the coin market.

If this persists, Binance Coin could spiral to its immediate support level of $23.29 while its resistance remained unbreached at $31.49.

Filed Under: Altcoin News, News Tagged With: Binance Coin (BNB), Bitcoin Cash (BCH), Chainlink (LINK)

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