As Bitcoin wavers in a recovery phase through an upward channel, the leading crypto witnessed retracement overnight. That is why the crypto market retains a ‘fear’ sentiment. Alternative coins such as Binance Coin, EOS, and VeChain reflected this downswing as they displayed revival signals.
Binance Coin (BNB)
Binance Coin has battled to keep its previous support levels since touching its 7-month high on November 7. While BNB halted a long-term upward trend, it maintained critical 8-weel support near $505.
Although the recent revival phase, Binance Coin printed an ascending price channel as bulls conquered the massive resistance near $532. For now, the alt experiences a resistance at $550 as bulls appear dedicated to testing the hurdle. Meanwhile, BNB dropped around 2.6% as Bitcoin declined by 2.7%. The nearest testing level is at $532, coinciding with 50SMA.
While publishing this blog, Binance Coin trades around the $540.2 level. The RSI stayed near 49-level but displayed revival signals. The DMI showed bearish sentiment as ADA flashed feeble directional trend,
Though VET recorded massive retracement from its previous bullish run, bulls kept a 5-month support barrier at $0.076. With that, VeChain witnessed a downward channel breakout during December 16 sessions.
After that, the alt formed a double-bottom. However, VET saw an awaited patterned breakout, surging 23.83% since December 15 low to its price at this publication. That way, VET broke a long-term bearishness trend hurdle as it reclaimed the lost support at $0.087.
While publishing this content, VET trades at $0.09189. The RSI witnessed a drop from the overbought area as buying momentum reduced. Though MACD lines remained beyond the equilibrium, its histogram dropped under the zero line, showing faded bullish momentum. Besides that, the Volume Oscillator printed lower highs, confirming price weakness.
EOS witnessed a triangle breakout within the past six days. Meanwhile, bears tested $3.09 many times, but bulls remained strong, triggering a more than 12% surge from December 20 low, breaching the $3.4 level.
However, the broad pullout saw the alt discovering a 2-week range from $3.4 to $3.09. The Squeeze Momentum Indicator (SMI) displayed black dots, resonating with the consolidative actions.
While writing this blog, EOS traded near $3.34. The RSI remained under the half-line following revival signals. The ADA still shows feeble directional trends. Also, Volume Oscillator confirmed a weak motion by the bulls.