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07/06/24
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Technical Outlook on the Performance of Binance Coin (BNB) and Toncoin (TON)
Binance Coin (BNB)
A look at the chart of BNB/USDT shows that the bulls have been in control, but they are encountering a barrier level close to $722. This is a sign that short-term traders are booking profits.
There will be an attempt by the bears to pull BNB towards the $635 breakout level. A strong rebound off the breakout level will show that the bulls have successfully turned it into a support level. In such a situation, it will enhance the possibility of pushing BNB towards the focus of the bullish pattern at $775.
If BNB breaks and closes beneath the support level at $635, it will be the initial sign that weakness is setting in. The bears may use the opportunity to pull BNB beneath the uptrend line, followed by intense selling. Such moves may pave the way for a fall towards $536.
Toncoin (TON)
The chart of TON/USDT shows that the bulls were able to initiate a move past the overhead barrier level at $7.67 today. This is a sign that the bulls are attempting to keep the performance of TON towards the upside.
The 20-day exponential moving average level at $6.77 is sloping upwards and the relative strength index is close to the overbought area, suggesting that there are minimal barrier levels on the way upwards. The ability of the bulls to push TON higher and keep it at price levels above $8 may bring about an upside move to $10.
Traders need to focus on critical support at the 20-day exponential moving average level. If TON bounces off this support level, it will show that the bulls have taken over the driver’s seat. However, if TON breaks beneath the support level, it will show that the bulls are losing control. In such a situation, TON/USDT may be compelled to fall towards the 50-day simple moving average level at $6.25.
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