Binance Coin, Dogecoin Price Analysis: October 19, 2021

Binance Coin, Dogecoin Price Analysis: October 19, 2021
  • Binance Coin is on the verge of cracking the supply zone at $500 as part of the plan to close the gap to $600.
  • Dogecoin is back on the investors’ preferred crypto-asset list as it gains traction to $0.3.
  • Binance Coin and Dogecoin are coming up as the strongest contenders on Tuesday, with significant gains among their peers. On the other hand, Bitcoin appears to have sustained support above $62,000, allowing bulls time to regroup for gains to $65,000.

    Similarly, Ethereum has settled above $3,800 following a rebound from support close to $3,600. As reported, it is a matter of when not if for Ether to rally above $4,000 and close the gap to $4,400.

    Binance Coin:-

    The exchange-based token bulls are putting up a ferocious fight intending to lift above $500. In less than three weeks, BNB has grown by 63% to trade at $495 at writing.

    Currently, bulls are tasked with the uphill battle of cracking the seller concentration in the supply zone at $500. A confirmed break above this level would call more buyers into the market as investor risk appetite rises. The subsequent rendezvous after $500 is $600, a stepping stone to the all-time high.

    The Moving Average Convergence Divergence (MACD) adds credence to the optimistic picture as it rises higher above the mean line. Moreover, a buy signal sustained since the beginning of October keeps encouraging bulls to hold tight.

    BNB/USD Daily Chart

    Dogecoin:-

    Dogecoin seems to have made it back to the investors’ favorite list, considering that it has almost touched $0.3 in a couple of the attempts in October. At the time of writing, the meme-based token trades at $0.253, and the momentum looks strong enough to gain traction to $0.3 in the coming session or few days.

    The 50-day Simple Moving Average (SMA) provides DOGE with immediate support. Hence, bulls have little to worry about but to work on the mission to higher highs.

    DOGE/USD Daily Chart

    At the same time, the Relative Strength Index (RSI) reveals that the trend is mainly in the bulls’ hands. As this technical index snakes toward overbought, the bullish grip on Dogecoin tightens. Thus, the slightest resistance path remains upward, at least for now.

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