Binance Coin, CRV, Filecoin Price Analysis – January 18
As the broad market sentiment fails to overturn the dominant bearish trends, Filecoin, CRV, and Binance Coin display bearish short-term technicals. Now, the altcoins require actions by buyers to retest the closest obstacles and avoid further downtrends.
Binance Coin (BNB)
The January 5 market dip accentuated BNB’s bearish strength as the token breached its downward channel. The coin lost 21.8%, poking a 3-month low on January 10. Nevertheless, Binance Coin rallied past the EMA Ribbons, recovering its previous losses.
However, the crypto experienced a retracement from the short-term supply zone of $500. Meanwhile, the EMA ribbons appeared to favor bearishness as the last red candles engulfed the green ones.
While publishing this content, BNB trades at $471.7. The Relative Strength Index noted a drop following a bearish divergence. It hit the 40-level two times within the past 24hrs, showing sellers’ preference. However, the Chaikin Money Flow maintained beyond the zero-line.
The alternative coin experienced a 31.9% correction from January 5, poking an 11-month low on January 10. The 4hr chart shows FIL noted a downward channel breakout within the last seven days.
The recovery phase paused near $30.6, and buyers tested the level. Meanwhile, the SuperTrend showed a buy signal, confirming a potential recovery. For now, the closest testing resistance stands at 20-Simple Moving Average.
While writing these lines, Filecoin traded around $28.84. The Relative Strength Index could not ensure a close beyond the 58 mark and plunged under the half-line. For now, the indicators flash a bearish outlook. Moreover, the Squeeze Momentum Indicator (SMI) displayed black dots, showing low volatility.
Curve DAO Token (CRV)
CRV token has oscillated in the $6.159 – $3.28 range since October 22, 2021. The $5.1 level provided high liquidity for almost two months. The upward channel breakdown violated CRV’s Point of Control following a more than 40% drop until January 10.
For now, the 20-Simple Moving Average and the 200SMA seemed ready for a bearish cross, showing decreasing buying pressure. The closets testing support stands around the $4.64 level. While publishing this article, Curve Token hovered beneath the 20-, 50-, and 200-Simple Moving Average around $4.69.
The Relative Strength Index witnessed a 29-point drop within the past 72 hours and is yet to display revival signs. Moreover, the DMI affirmed bearishness. However, the ADA flashed a feeble directional bias for CRV.