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Binance Coin, IOTA, VeChain Price Analysis: 11 November

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Bitcoin rose to $15,610 and the Crypto Fear and Greed Index showed a greedy value of 86, in what has been a week of extreme bullish sentiment toward crypto. Binance Coin formed a pattern that could see a breakout imminently, while the coin itself lacked momentum over the past few hours. IOTA could bounce off a level of support, while VeChain approached a level of resistance.

Binance Coin [BNB]

Binance Coin, IOTA, VeChain Price Analysis: 11 November

Source: BNB/USDT on TradingView

The Fibonacci Retracement tool was used on Binance Coin’s surge from $18 to $33.4 in early September to provide some important levels of support and resistance for BNB. It showed that BNB had retraced to the 50% level and was in the process of moving back upward once more.

The coin formed a symmetrical triangle, generally a continuation pattern that can see BNB break out to the upside. The past few hours saw the MACD approach the zero line, but indicated a notable lack of momentum to either side.

Yet, a breakout was not yet confirmed, as an attempted break was forced back within the pattern to possibly hunt for stop-loss orders.

There could be a drop to $27.5 before a surge to $29. A close below $27.5 could see BNB head to support at $26.7.


Binance Coin, IOTA, VeChain Price Analysis: 11 November

Source: IOTA/USD on TradingView

IOTA broke out of a descending channel (yellow) but was unable to push past $0.28. Since then, IOTA has formed a series of lower highs, while the RSI also showed bullish momentum shift toward bearish.

The price had not yet lost support at $0.25 to bears, while the RSI was also not far astray in bearish territory.

The price could bounce off support in the coming hours to attempt to move past $0.28 once more. A close below support for IOTA would see it drop to support at 40.235.

VeChain [VET]

Binance Coin, IOTA, VeChain Price Analysis: 11 November

Source: VET/USDT on TradingView

Vechain climbed steadily toeard resistance at $0.118, after feinting a move to the downside upon formation of a symmetrical triangle continuation pattern.

The OBV showed healthy buying volume for the asset. VET had also seen a wick reach the resistance before bears pushed it back down.

A close above resistance could spark a wave of selling pressure as traders book profit, as this level has been resistance since early October.


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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