The crypto market has seen impressive recovery attempts from bulls. However, many digital coins, including Ethereum Classic (ETC), battled to overcome resistance levels.
However, EOS surged double-digits to overcome its near-term hurdle. Meanwhile, Binance Coin (BNB) maintains its long-term narrative but displays mixed short-term signals.
Binance Coin (BNB)
Binance Coin (BNB) formed a symmetrical triangle following an upward channel breakdown during December 4 sessions. The altcoin maintains its long-term bullish outlook regardless of the latest market crash.
After BNB touched a 6-month peak on November 7, it witnessed a retracement. That came as bears maintained a massive long-term resistance zone at $648.8.
Bears tested the resistance at $583.2 three times before cracking it to touch a 5-week low on December low. While publishing this analysis, Binance Coin trades near $575.8.
The Relative Strength Index stayed on an uptrend over the previous four days and displayed some revival signals, pointing north. With these signals, the altcoin maintained beyond the 20 Simple Moving Average. Nevertheless, the DMI depicted a bearish outlook.
Ethereum Classic (ETC) saw a massive plummet as bulls failed to maintain 19-week support. That had ETC poking a 32-week low on December 3 following a symmetrical triangle break. The altcoin saw downward channel plunges as bulls lost hope after ETC breached a 10-weel high on November 9.
The 61.8% FIB resistance level proved strong as bulls tried to crack it several times but failed. For now, 38.2% FIB level stands as a massive obstacle.
While writing this content, the Ethereum classic hovered at $40.46. The Relative Strength Index remained northbound as it witnessed a 20-point increase within the past 48 hours, swaying near the middle line.
The Moving Average Convergence Divergence also displayed bulls’ comeback. Nevertheless, the latest bullish push witnessed falling trading volumes, indicating a weak action by bulls.
EOS suffered a bearish phase after an upward channel surge. The alt poked its 7-week peak on November 10. However, EOS respected the 12-week resistance near $5.4 and saw an upward-channel breakdown. After that, EOS oscillated in a plummeting channel.
Bulls failed to maintain the 4-moth resistance level at $3.65. That had the al declining, hitting a 46-week low on December 3. Nevertheless, EOS had gained 14% today, trading at $3.621.
The surge witnessed a push past the 38.2% FIB level, showing massive bullish action. If EOS bulls maintain this rally, the alt will surge past the immediate resistance at $3.65.
The Relative Strength Index witnessed a 33-point increase within the past 48 hours. Moreover, the Awesome Oscillator and MACD showed increased bullish momentum.