Tron (TRX) and Binance Coin (BNB) have both initiated upward moves within the last few days. However, after reaching their respective resistance areas, swift reversals ensued. Will the gains continue or does the reversal signify greater losses?
To answer this question, we continue our analysis of TRX and BNB by looking at price fluctuations, trends, indicators, and possible trade setups.
We begin with a look at the long-term price outlook for both TRX and BNB: A look at current short- and long-term trading patterns alongside an analysis of technical indicators may give us an answer.
Tron (TRX) vs. Binance Coin (BNB): Price Outlook
Tron Breaking Resistance
On Dec 17, 2018, the price of TRX began a rapid upward movement. It reached a high of $0.035 on Jan 10, 2019. A gradual decrease followed.
A horizontal support line is traced at $0.0217 and while a horizontal resistance line is traced at $0.315. Together, these generate the horizontal channel outlined in the graph below:
The price has touched both the resistance and the support lines of the channel four times.
On May 11, after touching the support line, the price began an increase towards the resistance line of the channel.
Wick highs on May 15 and May 16 caused the price to break out above the channel. Similar wick highs above the resistance line were experienced in April and January.
Binance Coin Back In the Middle
After reaching a low of $6.03 on Jan 10, Binance Coin began trading along an upward facing support line. A resistance line was formed in mid-February. Since then, the price of BNB/USD has been trading inside a broadening ascending wedge: