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NEO, BNB, LTC: Technical Analysis For March 29

source-logo  beincrypto.com 29 March 2021 15:09, UTC

Neo (NEO) seems to be in a bullish impulse and is expected to increase towards its long-term resistance levels.

Binance Coin (BNB) is trading inside a symmetrical triangle, but the next move’s direction cannot be confidently determined.

Litecoin (LTC) is also trading inside a symmetrical triangle, but a breakout is expected.

Neo (NEO)

NEO reached a high of $55.44 on Feb. 22 but decreased immediately afterward, creating a weekly bearish engulfing candlestick. 

However, it has been gradually moving upwards since. 

Technical indicators in the weekly time-frame are bullish. The MACD & Stochastic oscillator are moving upwards, the latter having made a bullish cross. 

The RSI has generated hidden bullish divergence and is moving upwards. 

The next closest resistance areas are found between $76-$78 and $95-101. The levels are located from a long-term Fib retracement (black) confluence and a short-term one (white).

NEO Chart By TradingView

Similar to the weekly time-frame, technical indicators in the daily time-frame are bullish. The MACD has given a bullish reversal signal, the RSI has crossed above 50, and the Stochastic oscillator has made a bullish cross. 

Also, it does seem that NEO is in sub-wave five (orange) of an extended wave three (white). 

A potential target for the top of this movement is $74, lining up with the weekly chart’s resistance.

NEO Chart By TradingView

Highlights

  • NEO is facing resistance at $76-78 and $95-101.
  • It is likely in an extended bullish wave three.

Litecoin (LTC)

On Feb. 14, LTC reached a high of $255.71 before decreasing. However, the drop only served to validate the $175 area as support. 

LTC faces resistance at $246, the 0.618 Fib retracement level of the entire downward movement, measuring from the all-time high price. 

If it manages to break out, LTC would likely find the next resistance near the all-time high of $385.

Similar to NEO, the RSI has been generating hidden bullish divergence.

LTC Chart By TradingView

Indicators in the daily time-frame are relatively neutral.

However, it seems that LTC is trading inside a symmetrical triangle, in what is likely wave four (white).

A breakout above the sub-wave B high at $231 (red line) would confirm that wave five has begun. 

In that case, LTC would be expected to make another attempt towards its all-time high.

LTC Chart By TradingView

Highlights

  • LTC is trading inside a symmetrical triangle.
  • There is support and resistance at $175 and $246 respectively.

Binance Coin (BNB)

BNB has been decreasing since reaching an all-time high price of $348.69. It did so on Feb. 19.

It dropped sharply immediately afterward but has been consolidating since Feb. 23. 

The movement looks like a symmetrical triangle, in which BNB is currently right at the resistance line. Short-term indicators are bullish. 

Nevertheless, even if this is a triangle (not yet confirmed), another rejection would be expected before the breakout, which would complete the e wave.

BNB Chart By TradingView

In the daily time-frame, technical indicators are neutral. The RSI is right at the 50 line, and the Stochastic oscillator has yet to make a bullish cross. 

Currently, BNB is trading right at the 0.618 Fib retracement resistance at $286. If it manages to break out, the token will find the next resistance area at $348 and $447 after that. 

However, the preceding increase is completely parabolic, making it nearly impossible to determine the future movement’s direction.

BNB Chart By TradingView

Highlights

  • BNB is trading inside a symmetrical triangle.
  • Technical indicators are undecided.
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