BNB Breakout Could Pave Way for BSC Tokens

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In Brief
  • BNB is following an ascending support line

  • SXP has reclaimed the $1.74 horizontal area.

  • DODO has broken out from a descending wedge.

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Binance Coin (BNB) is following an ascending support line and attempting to break out above the $330 resistance area.

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Swipe (SXP) has reclaimed the $1.74 horizontal resistance area and broken out from a descending resistance line afterwards.

DODO (DODO) has broken out from a descending wedge.

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BNB

BNB has been following an ascending support line since reaching a low on May 23. So far, it has touched it thrice, most recently on July 20. The first two touches left long upper wicks in place. 

Currently, BNB is attempting to move above the $330 horizontal resistance area. If successful, the next resistance would be at $420.

Technical indicators are relatively bullish. The RSI is above 50 and the MACD & Stochastic oscillator are both increasing.

Chart By TradingView

The shorter-term two-hour chart shows that the token has already broken out from a descending resistance line. Afterwards, it returned in order to validate it as support (green icon). 

Currently, it is trading inside a short-term symmetrical triangle. While the triangle is considered a neutral pattern, it is transpiring after an upward movement. Therefore, a breakout would be the most likely scenario.

Chart By TradingView

Highlights

  • BNB is following an ascending support line.
  • There is resistance at $330

SXP

On July 19, SXP broke down below the $1.74 resistance area and proceeded to reach a low of $1.36 two days later. 

However, it has been moving upwards since and reclaimed the horizontal area on July 26. The area is now expected to act as support once more. 

Technical indicators support the continuation of the upward movement. The MACD is increasing after generating considerable bullish divergence. The Stochastic oscillator has made a bullish cross (green icon) and the RSI has moved above 50.

Chart By TradingView

The shorter-term six-hour chart also supports the upward movement, since it shows an ongoing breakout from a descending resistance line.

The closest resistance area is at $2.18.

Chart By TradingView

Highlights

  • SXP has reclaimed the $1.74 area.
  • It has broken out from a descending resistance line.

DODO

DODO had been trading inside a descending wedge since reaching a low of $0.86 on May 23. Besides being considered a bullish pattern, the movement inside the wedge was combined with strong bullish divergences. The divergences were present in the MACD, RSI & Stochastic oscillator. 

Currently, DODO is in the process of breaking out from the wedge. 

If successful, the closest resistance area would be at $2.61.

Chart By TradingView

Highlights

  • DODO has broken out from a descending wedge.
  • There is resistance at $2.61.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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