Binance Coin, Ethereum Classic, VeChain Price Analysis: January 22

By January 22, 2021Ethereum
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Binance Coin could be on the verge of rebounding to $ 41.5, but at the time of writing, it was facing south and the $ 40.4 region could also be price resistance. Ethereum Classic held on to a support level of $ 7, while VeChain was likely to rise to $ 0.031 and retest the limit of the channel it was previously trading in.

Binance Coin [BNB]

Binance Coin, Ethereum Classic, VeChain Price Analysis: January 22

Source: BNB / USDT on TradingView

The RSI for BNB was trading below the neutral 50 mark, indicating that a downtrend was underway. However, the Stochastic RSI was in the oversold zone and although a rebound was not very noticeable it could happen.

If BNB climbs beyond the $ 39.6 level, it would likely head towards the resistance level of $ 41.5.

Gann’s fan lines (in yellow) represented areas of resistance and support, and last week saw the 1: 1 line resist attempts by BNB to rise further, before declining a few days ago. This could see BNB testing the 2: 1 line as support next week.

Ethereum classic [ETC]

Binance Coin, Ethereum Classic, VeChain Price Analysis: January 22

Source: ETC / USDT on TradingView

The confluence between the 23.6% Fibonacci retracement level (white) and the horizontal support at $ 7 meant that ETC had some strength in the defense of this region, even as the selling pressure increased. The Awesome oscillator also noted the growing momentum to the south.

Less than 12 hours before writing, ETC saw a candlestick drop to $ 6.6, but it was quickly bought off the charts. However, another drop of less than $ 7 might not find the same interest from buyers.

A move below $ 7 would see ETC testing the $ 6.4-6.6 support region.

VeChain [VET]

Source: EFP / USDT on TradingView

Use the one hour chart to better understand OBV For VET it can be seen that the last few hours of sales have been a notable blemish in the steady buying volume that VET has experienced over the past ten days.

The VET fell outside the ascending channel it was forming – a bearish reversal signal that could see the VET revisit the base of the channel. Still, the sellers were unable to force the price below $ 0.0252, and the MACD formed a bullish cross below the zero line.

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