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