The broader market was still struggling to initiate a quick bullish rally. As a result, altcoins like Binance Coin, Vechain, and Ethereum Classic stayed below their 20-50-200 SMA. Now the RSI tried to get all of these cryptos from the oversold region.
Binance Coin (BNB)
After a collapse of the bearish flag (yellow), price action has found support at the USD 512 level for nine weeks. For example, the BNB recorded a recovery of 12.55% (from the December 20th low) in an ascending channel (green) until it hit its two-week high on December 27th.
For the past three weeks, the $ 560 mark has acted as a resilient test level for the cops. The coupling with the broader sell-off resulted in a 9.94% retracement for the past three days.
At press time, the NBB was trading at $ 515.8 below their 20-50-200 SMA. the RSI stood at the 32 mark, but resurrection signs flashed visibly. the MACD The lines and the histogram confirmed the downward trend. But a bright red bar at the end gave hope for a possible recovery. Now the alt appeared to be almost in a range between the $ 569 and $ 512 levels as the bulls tried to test the $ 532 hurdle.
VeChain (vocational training)
In the last ten days VET eventually broke its long-term bearish trend resistance (since Nov 9, white) while also securing 5 month support at $ 0.076.
This retrieval attempt markets a rising wedge (green, reversal pattern) on its 4-hour chart. However, price action has found resistance at $ 0.100 since the beginning of this month.
As a result, it was down 20.37% from December 27th to December 30th. In the past few hours, the VET has seen a sharp reversal from the $ 0.08157 level.
At press time, the Alt was trading at $ 0.08374. the RSI saw a retreat from oversold territory while showing some signs of recovery. the EMA tapes appeared to be making another bearish flip while immediate resistance could be near the 20 EMA (dark yellow).
Ethereum Classic (ETC)
After an aggressive downturn, ETC seemed to finally find a range between $ 33.38 and $ 38.65 for the past three weeks. The 61.8% gold Fibonacci level remained strong as the bulls retested the upper channel (yellow) three times before breaking out as the price fluctuated above the center line (dashed, white).
In the past few days it has seen a rising wedge (green) from the $ 38 mark and plunged below its 20-50-200 SMA. Now the bulls might find a retest level at the 20-SMA (red) at the $ 36 mark.
At press time, ETC was trading at $ 34.38. the RSI was in a downtrend, reaching its one-month low on December 30th. However, it had to cross the 36 mark to confirm a strong comeback. Furthermore, the DMI indicated a bearish preference without ruling out a bullish revival.