Bitcoin (BTC) and most major altcoins have been struggling to recover from the sharp fall seen on Nov. 26. This indicates that traders may be nervous to buy at current levels due to the uncertainty regarding the new heavily-mutated coronavirus strain detected in South Africa.
Bitcoin has been correcting in a descending channel for the past few days. The bulls are attempting to defend the 100-day simple moving average ($54,064) for the past two days but the shallow bounce indicates a lack of urgency to accumulate at the current level.This is an important resistance for the bulls to overcome because the previous two recoveries faltered near this level.
If the price turns down from the current level or the overhead resistance and breaks below $53,500, the selling could accelerate. The pair could then drop to the strong support at $50,000.
Binance Coin (BNB) is witnessing a tussle between the bulls and the bears near the 20-day EMA ($590). Although the price dipped and closed below on Nov. 26, the bears could not build upon this advantage.If bulls push the price above $621.30, the BNB/USDT pair could again rally to the overhead resistance zone at $669.30 to $691.80.Conversely, if bulls push and sustain the price above, the pair could rise to $621.30 and pick up momentum above it.
Terra’s LUNA token is trading inside an ascending channel pattern. The bulls successfully defended the support line between Nov. 24-26 and have pushed the price above ($44.33) today.
Contrary to this assumption, if the price fails to sustain above the 20-day EMA, it will indicate that traders are selling on rallies. The bears will then again try to sink the price below. If they manage to do that, it will signal a possible change in trend. The pair could then drop to $32 and later to $24.
Decentraland (MANA) turned down from $5.90 on Nov. 25 but the long tail on the candlesticks of the past two days shows that bulls are attempting to defend the zone between the 38.2% Fibonacci retracement level at $4.48 and the 50% retracement level at $4.05.f the price turns up from the current level or the 50-SMA, the bulls will attempt to thrust and sustain the price above $5. That could accelerate buying and the pair may rally to $5.50 and then to $5.90.
The Sandbox (SAND) has been correcting the strong up-move of the past few days. The bulls are attempting to arrest the pullback in the zone between the 38.2% Fibonacci retracement level at $$6.02 and the 50% retracement level at $5.26. If the price turns down from the current level or the overhead resistance and breaks, it will signal that traders may be booking profits on relief rallies. That could open the doors for a deeper fall to $4.50.
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