Tron and Binance Coin Trying to Bounce Off the 200 Daily SMAs

Tron and Binance keep crawling higher, but the pace is slow

Written by: Skerdian Meta • Monday, May 31, 2021 • 1 min read

• Last updated: Monday, May 31, 2021

The decline seems to be over in BNB/USD at least

Cryptocurrencies crashed lower in the second half of this month, most of them from record highs, after being extremely bullish since November last year. Binance coin fell from $691 to $211, which means losing more than 75% of the value.

But, the 200 SMA (purple) was the last indicator on the daily chart and it turned into the ultimate support, as it held the decline well. The price bounced higher early last week, but in the second part of last week BNB/USD turned back down, although now buyers are back in charge. The bullish momentum doesn’t seem strong enough, but at least buyers are pushing higher.

Binance Live Chart

BNB/USD

The picture is quite similar in Tron as well. XTR/USD stopped the decline at the 200 SMA on the daily chart. But the bullish trend will only be on when the price climbs above he 100 SMA (green) on this timeframe. The 20 SMA (gray) will be another obstacle, but let’s see if buyers will have enough strength, since the highs after every retrace up keep getting lower.

The 200 SMA is acting as support as well for Tron

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.