Technical Analysis Of Horizen, BNB and Uniswap!

HORIZEN ANALYSIS: JULY, 2021

Technical:

Horizen is a cryptocurrency and blockchain network which aims to facilitate privacy. It is developed from the idea of Zcash coin. Here’s the complete technical analysis of Horizen!

Horizen coin is trading at $62.26. The coin has been forming a descending triangle on the daily time frame. That pattern is generally an indication of bearish continuation. It is facing downward pressure from its 200-day exponential moving average.

In addition, the bearish volumes are above average whereas the bullish volumes are next to negligible.

Currently, the coin is near the upper trendline which can be considered as the resistance. The overall trend of the coin remains weak until a good breakout with buying volumes is seen on the daily charts.

horizen analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is showing signs of a possible breakout from the upper trendline. The RSI has given a positive divergence from its resistance. It is positioned at 42.71, inching close to the neutral region from the oversold region.

The MACD is above the signal line, giving out a ‘buy’ call to investors.

The technical analysis of Horizen indicates a possible breakout and the end of the bearish trend.

horizen analysis
Source: tradingview

Conclusion:

On a breakout and close above the upper trendline, targets on the upside are placed at $71.97 and $93.15.

However, a successful breakout is only possible if good buying volumes are seen.

On the breakdown and close below the demand zone, targets on the downside are placed at $39.16 and $26.46. Looking at the overall structure of the trend, the probability tilts in the favor of the sellers.

BINANCE COIN ANALYSIS: JUNE,2021

Technical:

Binance coin is the coin issued by binance and trades with ‘BNB’ symbol. Binance coin is currently trading at $293.32, dangerously near its resistance level on the 4-hour timeframe.

The coin is facing resistance from the upper trendline along with its 50-day and 200-day exponential moving average, forcing it downwards.

The bearish volumes are twice than usually experienced which signals heavy downsides for the currency. Support exists between the range of $289 to $296 while resistance can be seen at $325 to $328.

binance coin horizen analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is showing price strength near the supply zone of the coin. It hints at a possible breakout above it.

It is currently positioned at 52.68, after having given a positive divergence.

The MACD is above the signal line giving out a ‘buy’ signal to investors.

binance coin rsi macd
Source: tradingview

Conclusion:

On the breakdown and close below the support level of $289 with the same bearish volumes, the coin may experience a downward pressure till its next support level of $261.96 and $240.99 which are the extended Fibonacci levels of 0.236 and 0.382 respectively.

However, in case the coin gets a reversal from its demand zone and some bullish participation, the coin can see levels of $325 in the medium time horizon.

UNISWAP ANALYSIS: JUNE,2021

Technical:

Uniswap is a part of a decentralized trading platform. It is currently trading at $18.81, having given a breakout of the resistance line.

It is presently facing pressure from its 50-day and 200-day exponential moving average and low volumes by both buyers and sellers. The coin is down more than 50% from it’s all-time high. The demand zone $15.3 to $17.5 is a multi-year demand zone from which the coin has bounced back historically.

If the breakout is successful, the investors can see good upward movement on account of the end of the bearish trend.

uniswap horizen analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index has given a positive divergence above its lower trendline. It is currently positioned at 45.60, indicating mild strength for the coin.

The MACD has crossed above the signal line, giving out a fresh ‘buy’ call to investors.

Both indicators hint at a successful breakout.

uniswap rsi macd
Source: tradingview

Conclusion:

As mentioned earlier, the coin has taken support from a multi-year demand zone. On a breakdown and close below $15.5, a massive bearish trend can be experienced, possibly pushing the coin to its next support levels of $13.12 which is its recent low. The second target on the downside can be placed at $9.36.

On the flip side, if the coin successfully breaks its upper trendline and sustains above it, targets on the upside can be placed at $20.94 and the following resistance is present near the levels of $24.62. Sharp movements on either side will only be seen if significant volumes are present. Otherwise, the coin is likely to remain in sideways consolidation with a bearish bias.