Crypto market slumps after Bitcoin’s sudden decline
A move below the SMA-50 could cause Binance Coin to fall towards its $ 254.9 support, while Decred’s technical indicators suggest that record levels have been exhausted. Finally, DigiByte maintained the 50% Fibonacci retracement level, but the bulls in the market should be tested in the next trading sessions.
Binance Coin [BNB]
Source: BNB / USD, TradingView
Volatility was up in the Binance Coin market since the price rebounded from the $ 230.10 support. The candlesticks moved down after trading in the upper bands of the Bollinger Bands, and a move below the signal line (SMA-50) could lead to further losses towards the $ 254.9 support.
The MACD histogram observed weakening momentum, while the signal line gained some ground in the fast moving line. Even if BNB could stabilize at lower levels, its healthy bullish trend would likely take it above the $ 311.6 ceiling and towards record levels in the short term.
Source: DCR / USD, TradingView
Gains in the last 5 days have increased by more than 20% and highlighted a strong recovery for Decred after the price rebounded from the $ 143.8 support. However, at the time of this writing, some bearishness was noted in the price after it breached its previous ATH and set a new record of $ 184.1.
The RSI fell below the overbought zone and stabilized above the 60 mark, while the Awesome Oscillator posted a series of red bars. Support levels lie at $ 172.96 and $ 167.27 if the price moves south in the short term.
Source: DGB / USD, TradingView
DigiByte reversed its trajectory after failing to reverse the 61.8% Fibonacci retracement level by $ 0.07. This led to losses in the market, but the bulls managed to cushion the 50% drop in the Fibonacci level. A dip below this channel could lead to extended losses to $ 0.06.
According to Awesome Oscillator, momentum was with sellers and a collapse seemed likely within 4 hours. However, the RSI was pointing to the north close to 50 as buyers sought to regain some control of the market.