Cryptocurrency

  • Binance Coin (BNB) has remained above its 200-day MA  on the hourly chart.
  • The Relative Strength Index (RSI) value for BNB currently stands above 60, indicating a potential upward momentum.
  • Litecoin (LTC) has been trading below its 200-day moving average, indicating a bearish trend.

Binance Coin (BNB) has been subjected to technical scrutiny, revealing that it has remained above its 200-day moving average on the hourly chart. However, a closer examination of previous candlesticks reveals that it was trading below the said moving average in the past. Despite its recent performance, the market trend remains bearish as the BNB price struggles to surpass the resistance level presented by the 200-day moving average. This observation suggests that BNB may face challenges in its price recovery, and investors may want to exercise caution when making any trading decisions.

Furthermore, it is worth noting that the Relative Strength Index (RSI) value currently stands above 60, indicating a potential upward momentum in the price of BNB. An RSI value above 60 indicates that the price of BNB is currently in overbought territory, which may imply that the asset is due for a price correction. 

A scrutiny of Litecoin's (LTC) 1-hour chart reveals that the cryptocurrency has been trading below its 200-day moving average, indicating a bearish trend. Should the bearish sentiment continue to prevail, it is likely that LTC may test its support level of $88. On the other hand, if LTC manages to reverse its downward trajectory, it may surpass its resistance level of $92.5, which could propel the asset's value towards the $95 mark.

Moreover, the RSI value of LTC currently stands at 57.87, which suggests that the asset is currently in neutral territory. This implies that there may be a balance between the buying and selling pressure of the cryptocurrency, and there is no clear indication of a bullish or bearish trend. It is important to note, however, that the RSI is a technical indicator that should be used in conjunction with other metrics to form a comprehensive analysis of an asset's price movement.