Binance Coin, Cosmos, Dogecoin Price Analysis: 17 November
Bitcoin touched $16,800 in recent hours as sentiment in the crypto space continued to be ecstatic. Some metrics pointed toward a BTC pullback, but it would be anyone’s guess to pinpoint the exact local top for BTC. Some altcoins were strongly bullish in the short term. Binance Coin reversed a bearish pattern with an upside breakout, while Cosmos showed strong buyer interest behind its recent hike. Dogecoin climbed past a resistance level it has traded beneath for the past two months.
Binance Coin [BNB]
Binance Coin formed a descending triangle (cyan) right atop the 38.2% retracement level that has acted as support in the past few days.
This bearish pattern saw the price reverse and breakout to the upside. It was rising toward $29 resistance, and the RSI also rose above the 50 neutral line to signify bullish momentum.
The RSI had strayed around neutral and leant toward the bearish side in the past two weeks, but if it holds above 50 while the price made higher lows, a short-term uptrend could be under way.
ATOM formed a rising wedge (blue) and dropped beneath the pattern. This could have taken the price to the 61.8% retracement level at $4.74, but buyers were able to drive the price upward from $4.9 onward.
The OBV showed a steady rise in buying volume in the past two weeks, while the CMF showed that the markets had been in equilibrium or buyer dominated in the same period of time.
This could propel ATOM toward a level of resistance at $5.45, with $5.32 also expected to be a significant level.
DOGE showed strong bullishness as it surged past multiple levels of resistance. The resistance at $0.00285 has held strong since early September.
DOGE closing a candle above that level indicated a bullish outlook that would last as long as the $0.00285 is not lost to bears once more.
At the time of writing, the price was seeing a pullback and could retest the imminent level to flip it to support before another move upward.