Bitcoin Cash, Terra and Binance Coin Technical Analysis: Current Situation and Price Prospects
Altcoins such as Bitcoin Cash , Terra and Binance Coin have experienced a rapid increase due to the significant increase in purchasing power. While BCH is aiming for its next resistance, BNB is posting a small gain of 1.5%. Additionally, LUNA secured a rally and struggled for the highs of the past few weeks.
Bitcoin Cash (BCH)
Bitcoin Cash consolidated at $548.66 after rising significantly since the beginning of this month. Immediate resistance for the popular cryptocurrency lies at $554.37 followed by $598.80. With the continued increase in buying pressure, another additional resistance level is located at $694.84.
As mentioned above, buying pressure has increased significantly since the beginning of October. The Relative Strength Index has fallen back from the overbought zone and is approaching 60.
Bollinger Bands, on the other hand, indicate the presence of price volatility as the bands are wide. However, a drop below the current price level coupled with buying pressure could push BCH back to $503.64 and then $476.93.
Terra rallied 14.90% in the last 24 hours and managed to climb as high as $43. With this latest price increase, LUNA has reached its highest level in the last month. LUNA has made significant gains in the last 72 hours, with technical indicators pointing to further bullishness.
The Relative Strength Index is near the 60 level, which indicates that purchasing power is important in the market. On the other hand, a corrective pullback in prices could bring LUNA down to $38.27, then to $32.89 and $29.01 respectively.
LUNA , which was traded at $ 33 on September 30 , experienced a rapid recovery with the rise of the market. So much so that the LUNA price managed to rise from $ 33 to $ 46.
Binance Coin (BNB)
Binance Coin continued its sideways movement after registering a slight increase of 0.3% the other day and was trading at $423.50 during the day. Prices have improved as buyers have resurfaced in the market since the end of last month.
Looking at the four-hour chart, BNB price is above the 20-SMA line. This is an indication that the price momentum belongs to the buyers. The Relative Strength Index reflected the same as it was near the 60 mark.
Continuing its movement in the $331 band in the past days, BNB started a rapid increase in October and managed to reach the level of 438 dollars.
The popular altcoin continues to trade at $428, up 1.5% in the last 24 hours, according to CMC data, as of the time of writing.