After Bitcoin fell off the charts, the broader altcoin market evolved in tandem with the King’s Coin. It is collapsing in red territory. However, BNB reported a potential pullback towards $ 41.7. But IOTA and VET’s downfall has stopped at their current support levels.
Binance Coin [BNB]
Binance Coin’s drop as well as the broader market appeared to be cushioned by support at $ 38.72. The price was trading near this level. At the time of writing, BNB was trading at $ 39.80, down more than 11%. However, its daily loss was the lowest among the top 10 coins by market cap. The indicators suggested that a bullish rebound could be seen in the coming trading sessions.
The Stochastic RSI is trading in the oversold region. This suggests that the price could turn around and head into the upper territory. In such a case, the bulls would be looking to target a move above the immediate resistance at $ 41.7.
TheOn Balance Volume also stayed in the upper zone and indicated a good number of buyers in the market.
The selling pressure pushed VeChain towards support at $ 0.021. The cryptocurrency has fallen over 18% in the past 24 hours. The current support level could be crucial for price progress if it manages to prevent a fall to the next support at $ 0.018.
Therelative strength index recorded an increase. He was trying to move towards the neutral zone. This does not determine the way forward for the VET. It indicates that prices may not go lower than its current support.
TheAwesome oscillator showed that bearish momentum was on the rise as red bars increased in length below the balance mark. A prolonged bearish run could push prices down towards $ 0.018.
Like BNB and VET, IOTA also flashed red during press time. The cryptocurrency has fallen more than 17% from yesterday. Market declines were successful in bringing prices back below $ 0.378. They have targeted the next defense at $ 0.342, and its near-term movement could be based on market leaders BTC and ETH. So a larger market rally may be needed to push prices back up to the $ 0.41 level again.
The lines of Parabolic SAR dotted lines were above the candlesticks. This confirms the bearish nature of prices.
On the other hand, the Chaikin Money Flow resided just above zero. He indicates that capital inflows could prevent prices from falling below their current support.
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