Bitcoin has seen a strong rally in the past 36 hours, climbing 13.75% and every other altcoin followed suit. Block.one recently announced the settlement of its class action lawsuit. Binance Coin rose 8%, Tron rose 6.36% and EOS rose 6.28%.
Binance coin [ BNB ]: –
The market surge also helped Binance Coin rise. The coin was trading at $ 362.5 and is rising at the time of writing. $ 435.5 and $ 292.5 have continued to act as strong resistance and support levels. Parabolic SAR indicated an active uptrend as the white dashed line was below the candlesticks.
Average Directional Index (ADX) on the other hand, the indicator was a little less directional as the indicator stayed near the 25.0 level. Bullish momentum was also seen on the 4-hour chart, like this Great oscillator.
However, based on current market trends, the price could increase in moderation.
Tron [ TRX ] : –
Tron followed the price movement of other altcoins and rebounded from falling below the $ 0.065 support level. The resistance remained at $ 0.096. On balance sheet volume (OBV) Indicator dictates continued selling in the market. The blue line was below $ 22 billion despite the price hike.
While Simple moving averages Lines – 50 SMA (orange) and 100 SMA (red) were in a bearish position, the gap between them and the price indicator continued to close. MACD showed a bullish crossover in the market at the time of writing. The blue indicator line moved above the signal line after the alignment since the beginning of June.
Active support levels remained critical and the coin will need stronger positive signals to move higher.
EOS experienced a similar fate as XRP when it converted its support level to a resistance level. $ 5.69 was strong support for the coin from May 26th to June 7th. At the time of writing, EOS was still below resistance, which was trading at $ 5.04, despite rising 6.28%.
June 12th Relative Strength Index (RSI) fell into oversold territory, slowly returning to neutral on June 14th. The indicator fell slightly at the time of going to press, but retained its position in bullish-neutral territory.
Bollinger bands stayed parallel but the base turned into a support line for the price indicator. In the future, the price could go up if volatility occurs. This is also plausible as the downward pressure could ease Squeeze momentum indicator. However, the appearance of green bars is still necessary to confirm the price increase.
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