Terra, Binance Coin Price Analysis: August 23, 2021

August 24th, 2021

Binance Coin

Most cryptocurrencies have slowed down the bullish price actions witnessed over the weekend and throughout Monday. For instance, Bitcoin gained ground above $50,000 but stopped short of $51,000. Currently, the flagship cryptocurrency is teetering marginally above $49,000, while Ethereum is in a seemingly losing fight to crack the barrier at $43,400.

Terra:

Terra is among a few altcoins that are still in the green and recording double-digit gains on Tuesday toward the end of the Asian session. The token LUNA has made it top on the investors’ favorite list. This follows a remarkable uptrend that saw it lift above the previous all-time high of $23.35 and extend the bullish leg above $30.

The first breakout above $30 brushed shoulders with $36 but immediately corrected to affirm support at $26. Bulls later regained control and reclaimed the position above $30.

Meanwhile, LUNA is trading at $33 while bulls work on executing the mission to $40. A daily close above $35 or $36 levels would confirm the uptrend to new record highs at $40. Realize the Terra is highly overbought, but the Moving Average Convergence Divergence (MACD) indicator has a massive bullish impulse, ensuring that the uptrend remains steady.

LUNA/USD Daily Chart

LUNA/USD price chart
LUNA/USD price chart by Tradingview

Binance Coin:

Binance Coin is also green, having accrued 6% in gains over the last 24 hours. The exchange native token has achieved several milestones since the lows in July, the latest being the break above $500 to post a four-month high at $520.

However, bulls soon ran out of steam, leaving BNB to correct below $500. In the meantime, Binance Coin is trading at $493 while dealing with rising overhead pressure.

The Relative Strength Index (RSI) overbought in the daily timeframe, suggesting that a pulldown is likely. If bulls fail to close the day above $500 in the near term, we expect overhead pressure to intensify.

BNB/USD Daily Chart

BNB/USD price chart
BNB/USD price chart by Tradingview

Perhaps support at $430 will come in handy to prevent losses from extending further. On the other hand, the MACD still has a bullish impulse which could help bulls regain control soon enough. However, if overhead pressure keeps rising, a sell signal will play, resulting in more losses toward $400.

The original post Terra, Binance Coin Price Analysis: August 23, 2021.