Binance Coin (BNB) and Solana (SOL) Price Analysis – November 20
Digital coins battle selling pressure after last week’s considerable drop amid market-wide plummets. However, the crypto space seemed to enter a recovery road over the previous day. Alternative tokens such as Binance Coin and Solana hit weekly lows during November 18 trading sessions. Nevertheless, the two seem to lead the market recovery, witnessing gains over the past day.
Binance Coin
Binance Coin (BNB) remained inside two matching lines for about six weeks since September 24. However, the 39-day 78.41% upswing witnessed the alt piercing the top channel, recording a 6-month peak on November 7.
However, bears stormed the market with their resistance level around the $648-level. The coin suffered downward price actions, plummeting by 23% to hit a 2-week low during November 18 sessions. Bearishness proved dominance, taking BNB down to $551. However, bulls remained attentive to keep the $551 level as Binance Coin’s support level. That way, the crypto saw its value surging by 8.8% over the past 24 hours. While writing this article, BNB hovered at $583.
The Relative Strength Index witnesses a massive 30 point increase out of the oversold territory towards the midline. Though, it displayed a neutral outlook at the moment. Moreover, the DMI flashed a brief bearish preference, while the Awesome Oscillator and the MACD pointed at surging bullish strength.
Solana printed a whopping 85% ROI from October 12 until striking its all-time high on November 6. However, the altcoin withdrew since then, SOL declining between parallel channels. Since November 6, Solana had an 18.9% drop, breaching its northern trend.
The downtrend had Solana hitting its almost 3-week low on November 18. Moreover, bulls did not show resilience around the $215-level as bears showcased sustained pressure. However, the past 48 hours had Solana gaining 14% to $214.596. The Relative Strength Index increased by 23 points within 24 hours and depicted neutral gestures.
As the DMI displayed brief bearishness, Moving Average Convergence Divergence and the Awesome Oscillator showed growing bullish strength. However, decreasing trading volumes accompanied the revival, showing inadequate bullish movement.
What are your thoughts on the current altcoin market condition? You can share your views in the comment section below.
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