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Ethereum Classic, Binance Coin, VeChain Price Analysis: 20 August

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Although not by a lot, both Binance coin [BNB] and Ethereum Classic [ETC] were showing small bullish potential, at the time of writing. However, it was too late for VeChain due to the formation of a bearish divergence.

Binance Coin [BNB]

Source: BNBUSD on TradingView

Binance’s native coin on its native blockchain has had a good month and a half. From the chart, it seemed like this will continue for a week or so. While BNB did see a maximum price surge of 58%, it was down to 48%, by the time of writing. The price was also seen bouncing off the support at $21.94 and since it was consolidating as an ascending channel, the logical direction was for it to go up.

Although the ascending channel aka up channel was bearish, the price seemed to have another surge pending. Further, the MACD showed signs of a potentially bullish pattern.

Following the recent announcement of the SXP air-drop for people holding BNB, the price might be affected in a good way.

Ethereum Classic [ETC]

Source: ETCUSD on TradingView

Unlike BNB, ETC has seen ups and downs in its price. The trend changed from down to up on 27 June and since then, the price has been steadily forming higher lows. As of 18 August, a lower high had been formed, pointing to the start of a consolidation phase in the market.

The RSI indicator showed that the recent dip had pushed it to the oversold zone. Considering the price of ETC at support $6.55, the price seemed to have a small surge of 2-4% remaining.

The RSI indicator’s surge also complied with this surge. Hence, in the short-termm the price for ETC is bullish.

VeChain [VET]

Source: VETUSD on TradingView

VeChain charts saw the formation of an exaggerated bearish divergence. This happens when the price forms equal highs while the indicator [in this case On-Balance Volume] forms a lower low.

This showed that the coin was due for a correction to the important and immediate support level at $0.01426.


Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.
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