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Tuesday, November 24, 2020

Binance Coin, EOS, Compound Price Analysis: 12 September

Despite the truth that Binance Coin was highlighted to be undervalued in a recent report, BNB was trending strongly upwards, during writing. On the contrary, EOS lacked momentum in either direction, as was the case with Compound.

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Binance Coin [BNB]

Binance Coin, EOS, Compound Price Analysis: 12 September

Source: BNB/USDT on TradingView

Binance Coin had resumed the strong uptrend it exhibited prior to the drop in early-September, at press time. In fact, it surged past the resistance levels at $24.3 and $26.6. However, BNB may possibly drop to re-test the support at $27, before eyeing the following level of resistance.

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The Directional Movement Index showed the beginning of a powerful uptrend since the ADX (yellow) was on the verge of climbing past 20, a value traders use to separate strong trends from weaker ones. The +DMI (blue) was also soaring, a sign of the trend being bullish.

In fact, BNB had reached the exact same resistance level at $26.6, earlier in the day this year, in February. A weekly close above this level could be strongly bullish for the coin in the long-term as it would represent a yearly high.


Binance Coin, EOS, Compound Price Analysis: 12 September

Source: EOS/USD on TradingView

EOS was trading in between the 20 SMA (white) and the 50 SMA (yellow), with either level likely to act as support and resistance, respectively, in the short-term.

However, the 20 SMA was underneath the 50 SMA, signalling that EOS has been trending downwards recently.

The Parabolic SAR gave a buy signal, but EOS would need to move forward from the 50 SMA to offer a definite clue of its next direction.

The overhead resistance lay at the $3.1-level, while a substantial level of support lay around $2.44.

Compound [COMP]

Binance Coin, EOS, Compound Price Analysis: 12 September

Source: COMP/USDT on TradingView

COMP was trading at $171.99, at press time, and above the $168 level which had recently served as its support.

The Bollinger Bands showed that volatility was very minimal, since the mouth of the bands had converged around price. A few days had passed considering that the squeeze set it, plus it might carry on into the week-end. Trading volume was also very low for the past few trading sessions.

The prrice within the bands moving toward the upper or lower band, accompanied by a widening mouth of the Bollinger bands, would indicate the direction of the next COMP move.

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