Tron (TRX) and Binance Coin (BNB) have both initiated upward moves within the last few days. While this may be catalyzed by Bitcoin’s recent surge to over $8000, these coins have merits all their own. Will the gains continue or will a reversal soon bring new lows?
A look at current short- and long-term trading patterns alongside an analysis of technical indicators may give us an answer.
If you need to catch up, you can read our previous analysis of TRX and BNB here.
Tron (TRX) vs. Binance Coin (BNB): Price Outlook
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 the resistance and the support lines of the channel three and four times respectively.
On May 11, after touching the support line, the price began an increase towards the resistance line of the channel.
Last week we initiated a long trade with an average entry of $0.023 and a target of $0.03. The price is very close to reaching our target. We will analyze this trade in more detail in the sections below.
The price of BNB, however, is trading in a different pattern. After reaching a low of $6.03 on Jan 10, Binance Coin began an upward movement.
It has since been trading inside a broadening ascending wedge: