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Saturday, August 15, 2020

Binance Coin, Tron, Digibyte Price Analysis: 16 July

Binance Coin, Tron, and Digibyte, all of these alts recorded a notable fall in their price over the last few hours, perhaps due to a similar drop in Bitcoin’s price. Regardless, these altcoins, at press time, were nearing strong supports on their charts, from which a bounce can be expected.

Binance Coin [BNB]

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Source: BNBUSD on TradingView

Binance Coin has noted a massive surge since the month began. However, as of 13 July, BNB’s price seemed to be climbing down. In fact, the retracement had depreciated the price by as much as 13%.

However, its drop to its support level at $16.87 might push the price back to $17.55 or lower, thus forming a potential head and shoulder pattern. If not $17.55, there is a chance for the price to at least climb to $16.98. BNB will push lower only if Bitcoin starts dropping as well.

Tron [TRX]

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Source: TRXUSD on TradingView

Tron, at the time of writing, was the 16th largest cryptocurrency with a market cap of $1.16 billion. Noting a 24-hour trading volume of $380 million, the coin was recording a 1% drop in its price over the last 24-hours. Further, the RSI indicator was heading towards the oversold zone as its price registered a significant drop on the charts.

The next logical support for TRX would be at $0.0162, which is a 3.32% drop from the press time price. Tron was in the news recently after following the recent Twitter drama, BitTorrent announced that the CEO of Tron, Justin Sun, would be giving out a bounty of $1 million to the person[s] who would provide information or help track down the hackers behind the episode.

Digibyte [DGB]

Source: DGBUSD on TradingView

Like Tron and Binance Coin, Digibyte was also seeing a drop in its value, at press time. In fact, the price has dropped by 13% since 13 July, and by the looks of it, a bounce might be underway. This bounce will take place from the support at $0.01951 and go towards the resistance at $0.0239.

Depending on where the big coins like Bitcoin and Ethereum head, DGB will follow suit. Hence, it could head down if influenced by these coins. The MACD indicator simply showed that the drop in price triggered a bearish crossover on the charts.

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