From the February lows, Binance Coin saw promising gains after forming a bullish pattern on the 4-hour chart. Likewise, Terra recovered from its longer time frame 61.8% Fibonacci support and marked exponential gains in an up channel.
Furthermore, GALA’s RSI attempted to shift momentum in favor of buyers while the USD 0.286 level was still a barrier to the bulls.
Binance Coin (BNB)
Source: TradingView, BNB/USDT
After forming a long term bearish triangle, BNB broke from the vital $512 mark. Since then, it has witnessed numerous sell-offs that tipped the $414 level from support to immediate resistance. As a result, the alt moved south to reach its lowest point in five months on February 24.
For the past few days, BNB has seen a head-and-shoulder reverse on its 4-hour chart after falling from its up-channel (green). For example, the alt rose nearly 25% in the past week. Furthermore, the 20 EMA (red) offered strong support after jumping over the 50 EMA (cyan).
As of going to press, the BNB was trading at $404.7. The RSI grew rapidly in an up-channel over the past week. It showed an expected reversal of the overbought region as it focused on testing the 58 support. Any closure below this level can cause further destruction.
Terra (LUNA)
Source: TradingView, LUNA/USDT
After breaking out of the up channel from $86, LUNA lost half its value and plunged to its two-month low on January 31. This level coincided with the 61.8% Fibonacci support. So, after testing this level several times, LUNA entered a recovery phase.
It posted exceptional gains of over 91.7% in the past nine days. But this up channel seemingly stopped at the $94 resistance. From here on, a close below the pattern could lead to a retest at the Fibonacci level of 23.6%.
As of going to press, LUNA was trading at $92.77. the bullish RSI hovered above the 61 mark for the past few days. Now it was showing slowing signs out of the overbought territory. Also the CMF apart from closing below the zero line, leaving the bullish edge intact.
GALA
Source: TradingView, GALA/USDT
GALA lost its edge after failing to maintain the $0.421 level. Since losing this figure, the range has been tied between the above level and the $0.181 mark.
The recent sell-out phase pushed GALA below the average (red) of Bollinger Bands (BB). But the bulls reacted quickly by making more than 28% gains in the past six days. As a result, it formed a rising wedge on the 4-hour chart. The immediate support was near BB’s average which matched the wedge’s lower trendline.
At the time of writing, GALA was trading at $0.25294. The RSI was in a solid uptrend after forming a steep trendline support (white trendline). Now it is looking for a close above the midline and showing a slight bullish bias. Nevertheless, the ADX stood quite weak revealing a weak directional trend.
This post Binance Coin, Terra, GALA Price Analysis: March 03
was published first on https://ambcrypto.com/binance-coin-terra-gala-price-analysis-03-march/
