After Bitcoin fell on the charts, the broader altcoin market moved in tandem with the king coin and slumped into the red territory. However, BNB signaled a potential pullback towards $41.7, while IOTA’s and VET’s fall halted at their current support levels.
Binance Coin [BNB]
Source: BNB/USD, TradingView
Binance Coin’s fall along with the broader market seemed to be cushioned by $38.72 support as the price traded close to this level. At the time of writing, BNB was trading at $39.80, down by over 11% in the past 24 hours. However, its daily loss was the least among the top 10 coins by market cap, and the indicators suggested that a bullish bounce back could be on the cards over the next few trading sessions.
The Stochastic RSI traded in the oversold region and hinted that the price could take a u-turn and head towards the upper territory. In such a case, the bulls would be looking to target a move above immediate resistance at $41.7.
The On Balance Volume also remained in the higher zone and indicated a healthy number of buyers in the market.
Source: VET/USD, TradingView
Selling pressure dragged VeChain towards support at $0.021 as the cryptocurrency fell by over 18% in the past 24-hours. The current support level could be crucial for prices moving forward if it manages to prevent a fall towards the next support at $0.018.
The Relative Strength Index registered an uptick and was looking to move towards the neutral zone. While this was inconclusive in providing a path forward for VET, it indicated that prices might not fall lower that its present support.