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- Binance Coin price recovery meets key barriers above $300, delaying the upswing toward $360.
- Polkadot price is back on the drawing board at $13 whole recovery stalls under $14.5.
Cryptocurrencies across the board are nursing mid-week losses, led by Bitcoin, Ethereum, and Ripple. Bitcoin holds above $32,000 after revisiting support at $31,600, while Ethereum is in the fierce fight at $2,000.
Binance Coin and Polkadot are the few cryptocurrencies slightly in the green on Thursday ahead of the European session. If key support levels are defended, these tokens will close the week, having made great strides.
Binance Coin:-
BNB dropped below $300 and tested support at $290 amid the widespread losses on Wednesday. The ascending parallel channel’s lower edge support came in handy, halting the bearish advances.
A reflex reversal occurred following the dip and boosted Binance Coin above $300. Nonetheless, not much progress has been made toward the medium-term target of $360, mainly because of the immense resistance at $315. This confluence resistance is created by the 200 Simple Moving Average (SMA) and the 50 SMA.
It is imperative that support at the channel’s lower boundary be guarded by all means, especially if BNB goes back to trading below $300. With stability in the market, bulls will have ample time to execute another attack mission targeting $360.
BNB/USD four-hour chart
Polkadot:-
Polkadot is back on the drawing board due to the losses incurred this week. In the previous week, DOT made haste toward $20, but the uptrend was cut short under $18. As bulls fought to ensure higher support is established, a general downward pull in the market sent Polkadot to test $13 again.
At the time of writing, Polkadot teeters at $13.6 as the fight between the bulls and the bears intensify. A break above $14.5 is required to give the token a boost to $16.
DOT/USD four-hour chart
On the flip side, the short-term technical outlook hints at Polkadot settling between $13 and $14.5 a while longer before the next breakout comes into play.
Polkadot’s uptrend could be enhanced if the MACD flips bullish with a buy signal, thus narrowing chances of further correction.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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