Binance Coin, Ontology, DigiByte Price Analysis: 23 November

The Crypto Fear and Greed Index continued to underline the extreme greed in the market with a reading of 90, at press time. While Binance Coin registered a bearish divergence that could see the coin dip slightly on the charts, Ontology’s trading volume was yet to catch up with its latest surge in price. Finally, DigiByte formed a bearish reversal pattern that could force the crypto-asset back down to the support level.

Binance Coin [BNB]

Source: BNB/USDT on TradingView

Binance Coin succeeded in flipping the $29-resistance level to support. Using the move from the swing low at $25.74 up to $31.12 to highlight some important levels of retracement for BNB, it can be observed that the 38.2% level enjoyed some confluence with the $29-support level.

Hence, the price could drop to $29.75, or even lower to $29 before another leg upwards.

Such a bearish divergence was indicative of a minor pullback and not a reversal of the uptrend, hence, BNB can be expected to record gains after seeing a dip in the coming hours.

Ontology [ONT]

Source: ONT/USDT on TradingView

Ontology found strong support around the $0.54-region. The Stochastic RSI dropped into the oversold territory to indicate that ONT was ready to climb north once again.

However, the recent trading volume has been lower than the figures a few days ago. Combined with a strong ONT surge, stronger trading volumes should have followed, but there appeared to be a disagreement between the price and volume.

The resistance at $0.57 or $0.61 could rebuff the bulls in the coming hours and force the price back down to the support at $0.54 or to $0.52, unless buyer interest increases significantly in the coming hours.

DigiByte [DGB]

Source: DGB/USDT on TradingView

DGB appeared to break out of the rectangle pattern it had been trading within for the past few weeks, but it was momentarily forced back within the pattern.

The price also formed a rising wedge (white), a bearish reversal pattern. Taken together, it was possible that a close below the wedge could see DGB drop towards the support at $0.02.

The MACD was well above zero and highlighted the bullish behavior of DGB over the past few days. And yet, at the time of writing, a bearish crossover had formed to highlight DGB’s drop from $0.0234.

Leave a Reply