While most cryptos struggled to counter the sharp drop of December 3rd, Terras LUNA posted rapid gains during the recovery period until it hit its ATH on December 5th.
Solana, on the other hand, sought to reverse the trend in his favor while Binance Coin flashed mixed signs.
Binance Coin (BNB)
Source: TradingView, BNB / USDT
After the collapse of the upward channel on December 4, the BNB repeatedly formed an ascending channel (yellow). The Alt continued its long-term uptrend despite a massive sell-off. After the price move hit its six-month high on November 7, it retreated as the bears secured long-term resistance at $ 648.8.
The bears retested the $ 583.2 resistance before finally breaking through, hitting the BNB’s five-week low on December 4th. The bulls have since retaliated, but a break out of the upward channel on December 9th confirmed the increased downward momentum.
the RSI saw a drop of 16 points below the center line in 24 hours. Thus, the BNB was trading below its 4-hour value of 20-50-200 Upper school at $ 573.1. While DMI confirmed the downward trend, the ADX (red) showed a weak trend for the Alt Squeeze momentum indicator flashing black dots, which indicate a phase of low volatility.
Solana (SOL)
Source: TradingView, SOL / USD
Like BNB, SOL bears increased selling pressure last month as the Alt hit its life milestone on November 6th. The Alt crashed by marking a downward channel (yellow). After the price had then lost almost a third of its value, it reached its six-week low on December 3.
The bulls were unable to hold the six-week support of $ 183 as the bears retested this level several times over the past week. As a result, SOL saw a weekly decline of 24.1% and an upward trend.
At press time, SOL was trading at $ 176.6. the RSI crashed into the oversold area after favoring the bears. Also the DMI Resonance with the bearish RSI values. Given the gap between the DMI Lines need to stimulate the bulls higher volumes to change the trend in their favor.
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Source: TradingView, LUNA / USDT
LUNA entered pricing after hitting its five-week low on Nov. 24. The Alt saw an exceptional rally of over 104% from November 26th to December 5th. LUNA shot up in an upward channel to touch its ATH on December 5th. It has since become the 10th largest crypto in terms of market capitalization.
In the face of a market-wide collapse, the Alt saw a correction of nearly 20% on Dec 3rd but found strong support from the golden 61.8% Fibonacci even.
Since then, the digital currency has been a classic bullish pennant Pattern on his 4-hour chart.
At the time of publication, LUNA was trading at $ 69.28 after a 24-hour reading of 7.9%. the RSI seemed to find support in the center line. Also the DMI confirmed a slight bullish preference. the TO THE projected the 24 hour decline by flashing red signs. Still, LUNA’s directional trend remained loud ADX (Red).
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