As Bitcoin navigated the recovery period by creating an upward channel, it saw a pullback on the final day. Thus the overall mood stayed close to the “fear” zone.
Altcoins like Binance Coin, VeChain and EOS encountered this retreat and showed signs of revival.
Binance Coin (BNB)
TradingView, BNB / USDT
Since the NBB hit its seven-month high on November 7, price action has struggled to maintain its earlier supports. While halting its long-term uptrend, the Alt maintained crucial eight-week support at the $ 505 level.
During the recent recovery period, BNB formed an ascending channel (white) when the bulls broke a strong resistance point (before) at the $ 532 level.
Currently, price action saw resistance at the $ 550 level as the bulls tried to retest it. After Bitcoin’s 2.7% plunge, BNB has also declined almost 2.6% in the past few hours. The immediate test level was close to the $ 532 level, which coincided with the 50 SMA (red).
At the time of publication, BNB was trading at $ 540.1. the RSI stood at the 49 mark but showed signs of recovery from the half-line. the DMI Feedback from the bears, but the ADX showed a weak directional trend for the altcoin.
VeChain (vocational training)
TradingView, VET / USDT
While VET overtook its previous bull run, the bulls provided the five month support at $ 0.076. As a result, the downward channel (yellow) broke out on December 16.
Thereafter, the price movement marked a double bottom since mid-December. Following an anticipated patterned breakout, the Alt is up 23.82% from the December 15 low at press time. Thus, VET has broken its long-term bearish trend resistance (white) while reclaiming lost support at $ 0.087.
At press time, the Alt was trading at $ 0.09189. the RSI saw a retreat from overbought territory as buying pressures eased.
Although the MACD When lines were above equilibrium, the histogram went below zero, representing diminishing bullish momentum. To top it off, the Volume oscillator made lower highs confirming previous weakness.
EOS
TradingView, EOS / USDT
EOS has seen a symmetrical triangle breakout for the past six days. The bears tested the $ 3.09 level multiple times, but the bulls held out. They rallied over 12% from the December 20th low and broke the $ 3.4 mark.
But after a wider retreat, the Alt found a fluctuating range between $ 3.4 and $ 3.09 again for the past 14 days. As a result, The Squeeze momentum indicator Resonance with the consolidation tendencies and flashing black dots.
At press time, EOS was trading at $ 3.34. the RSI was below the half-line after showing some signs of resuscitation. the ADX continued to show a weak directional trend for the old. Like vocational training Volume oscillator marked new lows rather than rises during this upswing, which is a visible indication of a weak upward move.
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