In this article, Bitcoin Magazine analyzes Binance Coin (BNB) and 1inch (1INCH) to find the most important levels to look out for.
BNB
The BNB has risen along with the ascending support line since May 23rd. The upside movement hit a high of $ 518.9 on August 26th.
However, the token was rejected by the 0.618 fib retracement resistance (red circle) at $ 511. This is a common Fib resistance and caused a temporary trend reversal.
The next downward trend continued until the BNB bounced off the support line again on September 26th (green symbol). This upswing further confirms the importance of the rising support line.
In addition, the technical indicators are rising. MACD is in positive territory and sloping up. The RSI is above 50, a sign that momentum is picking up.
BNB / USDT daily chart | Source: TradingView
The shorter-term six-hour chart shows that the BNB has broken a descending resistance line. This is in line with the signals from the daily timeframe. Therefore, the BNB can continue to rally towards $ 511.
BNB / USDT 6-hour chart | Source: TradingView
Highlights
- The NBB is moving along the long-term ascending support line.
- It broke out above a brief declining resistance line.
1INCHON
1INCH has been falling into a descending wedge since September 9th. The wedge is viewed as a bullish pattern, meaning that price is likely to break above it in most cases.
Unsurprisingly, 1INCH broke out on October 1st and hit a high of $ 3.37 (red symbol). The next denial was to confirm the $ 3.37 area as resistance as it acted as a high on September 16.
The decline then took the price as low as $ 2.70 where it bounced (green icon). The rally serves to confirm the $ 2.77 zone as support as it acted as resistance on September 22nd and 27th.
Hence, the direction of the trend will remain unclear until the token breaks above or below the resistance or support levels described above.
1INCH / USDT 6-hour chart | Source: TradingView
Highlights
- 1INCH has broken out over a descending wedge.
- There is support and resistance at $ 2.77 and $ 3.77, respectively.
You can see the price of BNB, 1INCH here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
In this article, Bitcoin Magazine analyzes Binance Coin (BNB) and 1inch (1INCH) to find the most important levels to look out for.
BNB
The BNB has risen along with the ascending support line since May 23rd. The upside movement hit a high of $ 518.9 on August 26th.
However, the token was rejected by the 0.618 fib retracement resistance (red circle) at $ 511. This is a common Fib resistance and caused a temporary trend reversal.
The next downward trend continued until the BNB bounced off the support line again on September 26th (green symbol). This upswing further confirms the importance of the rising support line.
In addition, the technical indicators are rising. MACD is in positive territory and sloping up. The RSI is above 50, a sign that momentum is picking up.
BNB / USDT daily chart | Source: TradingView
The shorter-term six-hour chart shows that the BNB has broken a descending resistance line. This is in line with the signals from the daily timeframe. Therefore, the BNB can continue to rally towards $ 511.
BNB / USDT 6-hour chart | Source: TradingView
Highlights
- The NBB is moving along the long-term ascending support line.
- It broke out above a brief declining resistance line.
1INCHON
1INCH has been falling into a descending wedge since September 9th. The wedge is viewed as a bullish pattern, meaning that price is likely to break above it in most cases.
Unsurprisingly, 1INCH broke out on October 1st and hit a high of $ 3.37 (red symbol). The next denial was to confirm the $ 3.37 area as resistance as it acted as a high on September 16.
The decline then took the price as low as $ 2.70 where it bounced (green icon). The rally serves to confirm the $ 2.77 zone as support as it acted as resistance on September 22nd and 27th.
Hence, the direction of the trend will remain unclear until the token breaks above or below the resistance or support levels described above.
1INCH / USDT 6-hour chart | Source: TradingView
Highlights
- 1INCH has broken out over a descending wedge.
- There is support and resistance at $ 2.77 and $ 3.77, respectively.
You can see the price of BNB, 1INCH here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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