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Binance Coin, Monero, Dogecoin Price Analysis: 09 December

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After a week of choppiness around $19,000, Bitcoin dropped beneath $18,600 and was trading at $18,135 at press time. Binance Coin looked set to drop to support at $26.7. Monero, one of the strong performers over the past couple of volatile weeks, would seek to halt losses at $127. Dogecoin saw a breakout to the downside as sellers dominated.

Binance Coin [BNB]

Binance Coin, Monero, Dogecoin Price Analysis: 09 December

Source: BNB/USDT on TradingView

BNB fell with momentum beneath support at $29 and approached the next level at $26.7. Exit from the ascending channel generally sees the price retrace toward the base of the channel which for BNB is the $26.7 level.

Stochastic RSI drove deep into oversold territory, but by itself, Stochastic does not indicate an immediate pullback. OBV showed a steady downtrend in buying volume.

Taken together, further downside can be expected for BNB.

Monero [XMR]

Binance Coin, Monero, Dogecoin Price Analysis: 09 December

Source: XMR/USDT on TradingView

A candle close outside the ascending broadening wedge saw the $130 pocket offer support to XMR. It might not last long; As RSI dove beneath the 50 neutral line, it could indicate the onset of a downtrend in a few hours.

Market participants ought to watch the $127 level. Despite volatility surrounding Bitcoin and the rest of the market, XMR has been a coin with a steady bullish performance over the past few weeks.

Beneath the $127.4 level of support, $124.7, $120 and $115 will still remain as strong regions of demand that should hold bears at bay, provided the market doesn’t see a deeper Bitcoin correction in the coming days.

Dogecoin [DOGE]

Binance Coin, Monero, Dogecoin Price Analysis: 09 December

Source: DOGE/USDT on TradingView

Bollinger bands began to widen after a period of lowered volatility for DOGE. Widening bands were accompanied by a steep drop in price.

DOGE broke beneath the $0.00315 level with momentum. 20 SMA (white) was well above the price, highlighting extreme short-term bearishness. CMF also dropped beneath -0.05 to indicate capital was flowing out of the market.

The next level of support for DOGE stood at $0.0028.

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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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