Binance Coin, Terra, GALA Price Analysis: 03 March
From its February lows, Binance Coin saw promising gains after forming a bullish pattern on its 4-hour chart. Similarly, Terra upturned from its longer timeframe 61.8% Fibonacci support and marked exponential gains in an up-channel.
Further, GALA’s RSI endeavored to shift the momentum in favor of buyers while the $0.286-level was still a barrier for the bulls.
Binance Coin (BNB)
Source: TradingView, BNB/USDT
After forming a long-term descending triangle, BNB broke down from the vital $512-mark. Since then, it witnessed numerous sell-offs that flipped the $414-level from support to immediate resistance. As a result, the alt headed south to hit its five-month low on 24 February.
Over the last few days, after falling from its up-channel (green), BNB saw an inverse head and shoulder on its 4-hour chart. Thus, the alt was up by nearly 25% over the last week. Furthermore, the 20 EMA (red) offered strong support after jumping above the 50 EMA (cyan).
At press time, the BNB traded at $404.7. The RSI rapidly grew in an up-channel during the last week. It showed an expected reversal from the overbought region while aiming to test the 58-support. Any close below this level could propel a further downfall.
Terra (LUNA)
Source: TradingView, LUNA/USDT
After breaking down from the up-channel from the $86-mark, LUNA lost half its value and plunged towards its two-month low on 31 January. This level coincided with the 61.8% Fibonacci support. Thus, after testing this level multiple times, LUNA initiated a recovery phase.
It saw exceptional gains of over 91.7% in the past nine days. But this up-channel seemingly halted at the $94-resistance. From here on, a close below the pattern could lead to a 23.6% Fibonacci level retest.
At press time, LUNA
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