Binance Coin, VeChain, Terra Price Analysis: 28 August

Major cryptocurrencies revived from their recent dips and many altcoins depicted similar price action. Certain altcoins, however, despite logging gains highlighted signs of price reversal.

Binance Coin rose by 2%, although buying strength was seen declining as it eyed the $460.42 price floor. VeChain gained 5.8% and moved near its $0.127 resistance mark while pointing to an upcoming price dip.  Lastly, LUNA recorded a 6.3% gain and attempted to retest its all-time high of the $34.24 mark. 

Binance Coin (BNB)

BNB/USD, TradingView

Binance Coin gained 2% over the last 24 hours and was priced at $487.13. If BNB doesn’t lose its upward momentum, the coin could retest the immediate resistance level of $517.02.

Technicals pointed towards a price reversal, which was accompanied by mixed signals on the four-hour chart. MACD flashed red bars in the histogram, although they were receding over the last trading sessions.

Relative Strength Index remained above the half-line, however, it threatened to fall below it over upcoming trading sessions. Bollinger Bands tightened, which indicated restricted price movement.

BNB could trade between $517.02 and $460.42 respectively. If it exhibits a downtrend, the support lines stood at $460.42 and $433.54. 

VeChain (VET)

VET/USD, TradingView

VET reported a 5.8% gain over the last 24 hours and was trading at $0.124. The asset eyed its immediate price ceiling of $0.127, and upon toppling the same, it could retest $0.145.

Indicators, however, didn’t portray a very bullish price action for VET. Even though buying pressure recovered comparatively, the Relative Strength Index could fall beneath the half-line if prices hovered around the current range for longer than a few sessions.

Awesome Oscillator flashed green signal bars. Bollinger Bands depicted range-bound price movement and  expected prices could oscillate between $0.127 and $0.115 respectively. In the event of a further drop in buying pressure, the support region for VET awaits at $0.115 and $0.103. 

Terra (LUNA)

LUNA/USD, TradingView

LUNA appreciated by 6.3% over the last day as prices stood at $31.87. It could again, in an attempt to reclaim its all-time high price of $34.24 for the second time this month, only if, the bullish strength doesn’t fizzle out. 

Buying strength picked up as the Relative Strength Index stood near 60 and noted an uptick. Green bars were seen on the MACD histogram,  right after a bullish crossover.

Awesome Oscillator too had been observing green bars, until a red bar brought a halt in the same. In case LUNA moves toward a downside, followed by its trading in the red, the support for the coin stood at $28.74 and $26.62 respectively.