⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

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

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

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

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
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments