Binance Coin (BNB) has weakened after breaking down of the support at $24.1709, said the senior trader at dagx.live John Todorov. Both moving averages are sloping down and the RSI is in the oversold zone. This shows that bears are firmly in the driver’s seat.
The next support on the downside is at $18.30. Todorov anticipates a strong defense of this level by bulls. A recovery will face resistance at the previous support turned resistance of $24.1709. If bears sink the BNB/USD pair below $18.30, it might enter a downtrend. He will wait for the decline to end and a reversal pattern to form before proposing a trade in it.
EOS has formed a series of lower lows and lower highs since topping. It broke below the support at $3.30, but the bears have not been able to capitalize on the opportunity. This shows some buying by bulls, thinks Todorov from dagx.live. However, unless they push the price above the 20-day EMA within the next few days, we anticipate another bout of selling. The target level on the downside is $2.76 and below it $2.20. With both moving averages trending down and the RSI close to the oversold zone, the advantage is clearly with the bears.
Conversely, if the bulls propel the price above the 20-day EMA, it will be a positive sign because the EOS/USD pair has not sustained above the 20-day EMA. After rising above the 20-day EMA, the pair might face some resistance at the 50-day SMA, but once this resistance is crossed, it can move up to $4.8719. As the price is struggling near recent lows, Todorov withdraws his buy recommendations given in an earlier analysis.