Binance Coin (BNB)
BNB’s Technical Analysis: BNB’s price is forming a symmetrical triangle pattern indicated by lower highs and higher lows on the daily chart, which suggests that the current trading range on this currency is likely to persist in the near future. In addition, the RSI (14-day) is hovering around the midpoint, which seems supportive of a sideways movement.
Daily Technical Chart – BNB
Bitcoin (BTC)
BTC’s Technical Analysis: BTC recently broke above an Inverse head and shoulders pattern in March 2023, indicating that this currency might witness a positive movement. Currently, BTC is experiencing a short-term correction that may lead it to retreat to the pattern's neckline before rebounding from there.
Daily Technical Chart – BTC
Chiliz (CHZ)
CHZ’s Technical Analysis:
CHZ’s price is forming a symmetrical triangle pattern indicated by lower highs and higher lows on the daily chart, which suggests that the current trading range on this currency may persist in the near future. Moreover, the RSI (14-day) is trading near the midpoint, supportive of an upside movement.
Daily Technical Chart – CHZ
Dot (DOT)
DOT’s Technical Analysis: DOT's price is forming a symmetrical triangle pattern on the daily chart, as indicated by lower highs and higher lows. This suggests that the current trading range on this currency may persist in the near future, and the prices might to oscillate between the closest supports and resistances.
DOT’s Technical Chart:
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: Investment decision should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
The Green colour line reflects the 21-period moving average. SMA helps to identify existing price trends. If the prices are trading above the 21-period, prices are currently in a bullish trend (Vice – Versa).
The Blue colour line reflects the 50-period moving average. SMA helps to identify existing price trends. If the prices are trading above the 50-period, prices are currently in a bullish trend (Vice – Versa).
The Orange/ Yellow colour line represents the Trendline.
The Purple colour line in the chart’s lower segment reflects the Relative Strength Index (14-Period), which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.
The reference date for all price data, currency, technical indicators, support, and resistance levels is May 02, 2023, at 05:30 PM, (GMT+10) Time in Sydney NSW, Australia. The reference data in this report has been partly sourced from REFINITIV.
Abbreviations
CMP: Current Market Price
SMA: Simple Moving Average
RSI: Relative Strength Index
USD: United States dollar
Note: Trading decisions require a thorough analysis by individuals. Technical reports in general chart out metrics that may be assessed by individuals before any Cryptocurrency evaluation. The above are illustrative analytical factors used for evaluating Cryptocurrency; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.
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