A Bearish trend has hit the markets over the last few days, overpowering the Bullish trend that had been put up by the various Altcoins. This has seen most coins turn red on the technical analysis charts. For Ripple, Stellar and Binance Coin, there was a sharp nosedive over the last few days. This same trend has persisted over the last 24 hours with all of today’s focus coins suffering a further setback.
Over the last 24 hours, Ripple has dropped by 4.45% to the current rate of $0.3325. The Bearish trend saw the 21 days Moving average (marked C), cross over the 7 days moving average yesterday. This formed a contracting triangular pattern as can be seen between B and C. This goes to show the strong Bearish momentum that has hit the markets.
Ripple’s nose-diving has turned investor sentiments negative seeing that the Relative Strength Index (RSI), (marked A) – crossed into the ‘oversold’ area and remained there for a protracted period of time. Despite this being bad news for technical analysts, the coin’s market capitalization enjoyed a boom and hitting the $14 Billion mark.
All indicators point to a downward trend in the short term which may test the current support level of $0.3
Stellar suffered the fate of most other coins today. It is down by 1.79% and is currently trading at $0.107. All indicators show that the Bearish momentum will soon phase out and head for a bullish rebound. Over the last few days, XLM has gone through a protracted dip as can be seen in the above chart. The previously held support zone was breached and pushed further lower.
Stellar moved into the ‘oversold’ area shortly yesterday and has struggled to find its way up as can be seen in the Relative Strength Index (marked A). Both Moving Averages ( B and C) are also facing downwards which indicates that the Bears are losing grip.
Binance Coin (BNB/USD)
Binance coin started off selling at $6.7427 yesterday and is now at $6.20160. This represents 1.68% loss with indicators showing a price reversal is in the offing. The RSI (A) has bounced back from the ‘oversold’ area and is looking up. Investor sentiments are slowly picking for this coin with a market capitalization of $817,162,483 and strong support at $5.85.
Despite the positive outlook displayed by Binance coin, an upward surge should be expected as if the Bulls can up their momentum.