ETH/USD pair has given a bullish performance over the last 24hrs. The bulls seemed to be having the upper hand that has led to an increase in buying pressure. Besides, there is an active bullish trend line formed that reflected the upward rally. The pair’s price also found strong support near $199.6920 that prevented further drop.
However, the price was shifted up before it started a consolidation phase below $211.0805 support level that confirmed the bullish move. Additionally, ETH/USD price moved from the opening session of $200.9118 to currently changing hands at $213.44 that showed an intraday gain of 5%. Afterward, a new daily high was found near $219.8224, the price saw a downside correction that defined the current price at $213.
In terms of technical indicators, the Bollinger band is now contracting that indicates low volatility level; thus, a downside break is likely. The RSI has also dropped from the overbought zone that signals a negatives sign. If the RSI declined below level 50, then a massive drop near $200.00 and $196.00 is possible.
LTC/USD pair has also exhibited a bullish mode, with an upside gain of 2.7% over the last 24hrs. It started the day trading at $73.3549, which was seen above the positive territory. A sharp upside rally followed that pushed the price to a high of $77.6077 before a downside correction near $74.0000. It, later on, gained some momentum that held the current price at $78.3664.
On the contrary, the short-term SMA that traded above the long–term SMA throughout the intraday bolstered the upward price rally. Although the RSI is still intact above average; thus level 50. A trend reversal is quite possible as reflected by the Bollinger bands that are now contracting to foreshadow a downtrend.
If the price drops below $74.2272 support level, then further downside correction near $72.0000 is to be expected. However, a break above $78.9746 resistance level might trigger further upside rally near $80.0000.
Binance Coin (BNB/USD)
BNB/USD has also given an impressive performance, with an intraday gain by 6%. The pair’s price breached $20.8250 resistance level; new resistance level was later found near $22.8004. The Bollinger bands also contracted most of the time that showed low volatility level.
However, there is a slight hope for investors, since the Bollinger bands are currently expanding that gives a bullish sign in the near term. The RSI indicator has also been hovering on the overbought territory that beckons a high increase in buying pressure. Higher price levels should be anticipated as most indicators suggest a continuation of an upward trend.
A break above $22.8004 level is possible as the moving averages also suggest a continuation of bullish trend; thus, further upside correction near $24.000 and 24.100 is likely. Conversely, on the downside move, a break below $20.8250 may reverse the trend to a bearish rally near $20.0000.