Binance Coin, Litecoin, THETA Value Evaluation: June seventh – AMBCrypto Information
With the broader market hanging on the equilibrium of Bitcoin’s rebound, alts like Binance Coin, THETA, and Litecoin waited for breakouts from their patterns but had no clear direction regarding a price spike.
Binance coin [BNB]
Binance Coin’s recovery has been steady since the May 19 crash. While the sellers were prepared for corrections, the NBB managed to find higher levels of support after two rallies. Since the $ 434 mark has not yet been exceeded, the BNB formed an ascending triangle in the 12-hour timeframe. While the pattern generally sees a breakthrough on the upside, a declining broader market made matters worse. On a bullish result, the NBB appeared to be expecting a 15% jump towards a resistance zone between $ 486 and $ 527. Lower heights RSI were also a positive sign.
However, a declining result cannot be ruled out given the recent movements of the market leaders. A loss on the lower trendline could cause the NBB to move back towards the USD 348 support. According to MACDs Histogram, the bullish momentum actually decreased in the past few days, even though the fast moving line was above the signal line.
Litecoin formed a symmetrical triangle, but again, the direction of a breakout was not clear. Moving above the upper trendline could trigger a 25% price rally towards a critical resistance zone at $ 240. On the flip side, a collapse could pull LTC into its demand zone between $ 116 and $ 141, resulting in a 30% retracement.
According to OBV, Selling pressures have been kept in check since the May 19th crash. If the selling pressure subsides, a favorable result can be expected in the future. However, it may take a few more days for an outbreak to peak, since ADX is bearish and a move below 25 would indicate sideways movement.
THETA’s surge above $ 8.21 was a major one as it broke its first major drag after the May 19th crash. However, your path was crucial as the cryptocurrency had its sights set on large fluctuations in the days to come. As THETA was trading within an upward channel, it was predicted that the price would break out of this bearish pattern. A loss to the USD 8.21 support could trigger a sharp downward move and possibly towards the USD 6. On the other hand, breaking above the $ 11 mark could trigger an upward swing.
With bullish momentum on the uptrend after a twin-peak setup, buyers were inclined to enforce a result in their favor. A ADX Values above 25 meant that there was a strong trend in the market.
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