ANALYSISBinance Coin, Synthetix, Enjin Price Analysis

by Kristin Wagner

The crypto sector’s market cap has fallen 2% in the past 24 hours as major cryptocurrencies were in the red at the time of writing. Binance Coin’s drop in value forced itself to fall through its crucial resistance level. SNX posted a drop in its bearish outlook. Finally, ENJ may return below its support zone if it fails to keep itself above its resistance level.

Binance Coin [BNB]

The Binance coin fell 3.4% overnight and the price stood at $332 at the time of writing. It broke through its USD 341 resistance level yesterday, but with today’s fall, it was trading below it again. Technical indicators also painted a bearish picture.

The immediate support level was at $304 and then at $291. Buying pressure declined, with the same confirmed by the MACD. Furthermore, the Awesome Oscillator histograms hit the charts. However, market volatility could increase as the Bolinger Bands widen. If the price rises, the resistance level to test immediately would be $341. Wat zijn cryptocurrencies?

Synthetix [SNX]

Synthetix’s price action has been on a sideways trend for the past few days as the price has fluctuated between $9.50 and $9.52. At press time, it was valued at $9.50 after SNX fell 5.7%.

Bearish sentiments still prevailed in the market, although the coin could see a decline in bearish signals in the next few trading sessions. The Awesome Oscillator’s histogram flashed red signal bars, as did the MACDs. However, these hit the charts at the time of going to press.

Chaikin cash flow declined slightly as a decline in capital inflow was noted. However, the inflow still dominated the outflow. In the event of a reversal, if the price pushes north, the crypto may soon break through its $9.52 resistance and aim for $10.49.

Enjin [ENJ]

ENJ’s technical chart painted a rather bearish picture as the coin fell 5.6% in the past 24 hours. The Awesome Oscillator observed red signal bars and a dip in buying pressure. The Relative Strength Index also matched the same as the indicator making its way into the bearish zone at press time. XTZ Tezos has started to rise.

The MACD also painted the same story as a bearish crossover 24 hours ago. ENJ has been struggling to break the $1.47 resistance level for some time now. If it continues to fail the next attempts, the price would end up at $1.31.