Altcoins such as Bitcoin Cash, Terra, and Binance Coin have seen recoveries due to a substantial increase in buying force. Coins have mostly consolidated over the past 24 hours. BCH was aiming for its next resistance while BNB edged up 0.3%. In contrast, LUNA got a rally and was on the verge of a new multi-week high.
Bitcoin Cash (BCH)
Bitcoin Cash was consolidating at $ 548.66 after rising significantly since the start of this month. The coin’s immediate resistance was $ 554.37 and then $ 598.80. With the continued increase in buying pressure, the other additional resistance level stood at $ 694.84.
As mentioned above, buying pressure has increased considerably since early October. The relative strength index withdrew from overbought territory and held near the 60 mark; which indicated the presence of buyers in the market.
The Awesome oscillator also shown green signal bars. Bollinger bands signaled the presence of price volatility as the bands were wide. A fall below the current price level caused by lower buying pressure could push BCH to $ 503.64 and then to $ 476.93.
Terra was up 14.90% in the past 24 hours and was trading at $ 43. Immediate air resistance stood at $ 45.44. The last time that price hovered around this region was last month. Technical data pointed to an uptrend, with LUNA seeing massive gains in the past 72 hours.
The relative strength index was near the 60 mark, indicating that buying power was significant in the market. Awesome oscillator represented growing green warning bars, while MACD continued to flash green bars on his histogram.
A corrective pullback in price would take LUNA first to $ 38.27, falling below which it could find support at $ 32.89 and then $ 29.01 respectively. The other floor price was $ 25.32.
Binance Coin (BNB)
Binance Coin was trading sideways at $ 423.50 after edging up 0.3% in the last day. Prices have recovered thanks to the reappearance of buyers in the market since the end of last month. The ceiling price was $ 466 and then $ 505.90; BNB last touched this level several weeks ago.
On the four-hour chart, the price of BNB was above the 20-SMA line, indicating that the price momentum was up to the buyers. The relative strength index reflected the same thing as it stood near the 60 mark. Conversely, since the last trading sessions, it is in the red Awesome oscillator and MACD started to show a downtrend.
In the downtrend that continued, the floor price stood at $ 416.40 and then $ 386.80 respectively. The next support level stood at $ 351.70.