Binance Coin[1] saw rapid losses in the past few days, undoing most of last month’s gains. There is a likelihood it would post further losses in the coming days. Monero[2] was trending lower in the short-term, yet an important level of support was not yet subject to intense scrutiny by the bears. Dash[3] was trading beneath a level of support it recently lost and could retest it as resistance in the coming hours.
Binance Coin [BNB]
Source: BNB/USDT[4] on TradingView
Binance Coin was in an uptrend through most of October but broke beneath the ascending trendline in late October. In the week since, BNB has moved all the way to the $26.75 level, where the uptrend of the past month began.
The bulls could be in for more losses, but a bounce can be expected for BNB. The RSI dipped into oversold territory and hence BNB could see a minor pullback as high as $27.5 before another drop.
The RSI’s movement in the next few trading sessions can also give clues of the market direction. If it moved past 55 and dropped to retest the neutral line at 50, it could signal a reversal in trend. The price would also need to flip $27.5 to support.
In the absence of such, BNB’s move upward can be regarded only as a bounce in a downtrend.
Monero [XMR]
Source: XMR/USDT[5] on TradingView
The 50-period and 100-period simple moving averages (yellow and pink respectively) moved close to one another in the past couple of weeks. This showed a lack of momentum on a longer-term for XMR in the past weeks as it rose to $135 but dropped to $120, and traded in the range in between.
The short-term outlook
