Binance Coin, Tron, EOS Price Analysis: 29 December

The fear sentiment heightened as Bitcoin re-enters the $47,000 zone. As a result, altcoins like Binance Coin, Tron and EOS saw a blip in their recovery. 

The aforestated cryptos fell below their 20-50-200 SMA, as the bears evidently displayed their edge. 

Binance Coin (BNB)

Source: TradingView, BNB/USDT

Over the past few days, BNB formed a symmetrical broadening wedge (green) on its 4-hour chart. The previous up-rally saw a steep reversal after the coin poked its two-week high on 27 December near the $569-mark resistance. 

After a nearly 6% retracement in the last two days, BNB fell below $550 to find testing grounds at the $532-mark. This level also coincided with the lower trendline (green).

At press time, BNB traded below its 20-50-200 SMA at $537.5. The RSI stood at the 43-mark but showed some revival signs. The DMI resonated with the bears, but the ADX displayed a weak directional trend for the altcoin.

Tron (TRX)

Source: TradingView, TRX/USDT

TRX witnessed a symmetrical triangle breakdown on 17 December while the fear sentiment surged. Since then, the alt steadily marked lower lows and lower highs until 23 December after oscillating in a down-channel (yellow). 

After losing the crucial $0.078-level (four-month support), the bulls quickly reclaimed this mark but failed to cross the $0.082-level. They retested this level twice but succumbed to a broader sell-off. As a result, TRX saw a pullout, but the $0.078 still stood as good support.

Now, the Supertrend finally flipped into the red zone. At press time, TRX traded at $0.07857. The RSI constantly marked lower lows and struggled to sustain itself above the midline. The DMI flashed a bearish bais while the ADX swayed into the weak directional trend zone.

EOS

TradingView, EOS/USDT

EOS saw a symmetrical triangle breakout over the last nine days. The bears retested the $3.09-level multiple times, but the bulls held their ground. Although they propelled an over 12% rally (from 20 December low) and breached the $3.4-mark, EOS saw a pullback from the 200 SMA (cyan). 

The alt yet again found an oscillating range between $3.4 and $3.09 over the last 20 days. Now, the Squeeze momentum indicator flashed grey dots and hinted at a high volatility phase. 

At press time, EOS was trading at $0.0. The RSI was near the oversold region after showing some comeback signs. Also, the Awesome Oscillator visibly depicted an increased selling influence. 

This news is republished from another source. You can check the original article here.

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