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Binance Coin, VeChain, Monero Price Analysis: 25 August



Source: Pixabay

In the long-term, multiple metrics seem to suggest Bitcoin will command a price in the 6 figures. However, short-term analysis saw Bitcoin fail to break past $11,800 and could be set to drop back to $11,300.

Source: CoinStats

The major altcoins also show some indecision and bearishness. Binance Coin indicated a possible drop of almost 10% over the next few days, and Monero could be set to register a similar loss in value. VeChain did not exhibit a strong trend but indicators pointed toward a downside.

Binance Coin [BNB]

Binance Coin, VeChain, Monero Price Analysis: 25 August

Source: BNB/USDT on TradingView

Binance Coin dipped briefly beneath support at $22, before surfacing above it. It was trading at $22.45 at press time. MACD indicated a buy signal.

However, BNB has been bouncing off support region $22, each bounce having a lower high than the last. Unless BNB forms a higher high, it could indicate the coin is primed for another slide in value to find support at $20.

Binance Coin had a market cap of $3.24, placing it in the top 10. For a couple of days, BNB had below-average 24h trading volumes, suggesting many traders and investors are waiting for the market to decide on a direction.

VeChain [VET]

Binance Coin, VeChain, Monero Price Analysis: 25 August

Source: VET/USDT on TradingView

VeChain was ranked 23rd with a market cap of $988 million. Recently, VeChain officially launched an initiative to empower green businesses, called “Blockchain-enabled Sustainability Solution.”

VET was another coin forming lower highs and set in a short-term downtrend. It has support at $0.0178 region. Directional Movement Index showed a lack of a strong trend. While -DMI (pink) rose, APX (yellow) did not rise above 20, which is a value APX usually stays above during a strong trend.

Even a weak bearish outlook can push VET downward, with the next important level at $0.0159.

Monero [XMR]

Binance Coin, VeChain, Monero Price Analysis: 25 August

Source: XMR/USDT on TradingView

Monero exhibited choppy action over the past few days. It failed to hold on to $105, instead cratering to find support at $90. Subsequent attempts to move upward were met with strong selling pressure.

20 SMA (white) crossed below 50 SMA (yellow), indicating short-term bearishness. Parabolic SAR also gave a sell signal. On the low time-frame, a candle has to close above the past couple of days’ highs at around $94, before the short-term bearish outlook for XMR can be questioned.

If price closes beneath $90 support, we can expect a drop of 10-15% in the coming days.

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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.