The cryptocurrency market is bleeding heavily on Tuesday. Most of the virtual assets are recording declines over 1% on the day. Bitcoin (BTC), the largest cryptocurrency in the market, has not been spared, besides it is down 5.52% while trading below $7,800. Ethereum (ETH), on the other hand, has broken the support at $440 while Ripple (XRP) closes the top there largest digital assets with a 3.47% drop in value. The bearish trend is witnessed across the larger cryptocurrency market. In the meantime, let us dive into the analysis of the day.
Verge (XVG) Price Analysis
Verge continued with the bullish momentum that was initiated before the close of the trading session on Monday 30. The crypto was among the few digital assets in the market trading in the green on Tuesday 31. However, the bear pressure has finally caught up with the price which is now correcting lower.
At the time of writing, the price has broken below the short-term support (and former resistance) at the 38.2% Fib retracement level with the last swing high of $0.0309 and the lows of $0.0204. Both the short-term 50 SMA and the longer term 100 SMA are offering immediate support on the 3-hour timeframe chart at $0.0240.
The general trend is bearish, besides the stochastic is moving downwards showing that the sellers are gaining more control. Other indicators like the MACD and the Relative Strength Index (RSI) signal that the path of least resistance for Verge is the downside. If the support at $0.0240 gives in to selling pressure, XVG/USD is likely to test the major support at the 23.6% Fib level close to $0.0230 while a drop to $0.0209 (previous low) is still possible.
Binance Coin (BNB) Price Analysis
Binance Coin is among the few cryptocurrencies in the market making higher corrections today. Last week, Binance Coin declined to test the support at $11.50. However, the buyers were quick to find an entry leading to several successive engulfing candles past the 50% Fib retracement level taken between the lows of $11.48 and the highs of $15.02. Consequently, more upside corrections continued pushing the price above the key resistance at $14.50 but the buyers lost momentum short of $15.00.
This opened the gate for sellers’ entry above $14.5 culminating in another decline supported by the trendline slightly above the 38.2% Fib level. The price bounced back upwards and is now attempting an attack on the immediate resistance at $14.00. Moreover, BNB/USD is trading in between the simple moving average support and resistance on the 3-hour chart. Where the 50 SMA will prevent movement at $13.65 (slightly below the 61.8% Fib level) and the 100 SMA offering support on the downside at $12.80.
NEO Price Analysis
NEO price is currently extending declines, beside it is down 5.64% on the day. The cryptocurrency made considerable gains in July from trading at $29.90 at the beginning of the month to marginally above $42.00. However, cryptocurrencies are like a roller-coaster ride, and NEO has had one of those unexpected rides. It declined to test the support at $31.00 on July 12, but bounced back and exchanged hands above $40.00.
In the past one week, NEO has been trading lower lows and lower highs. Similarly, the 50% Fib retracement level with the last swing high of $40.64 and a low of $26.88 support could not hold the price any longer following the downside movement that kicked off over the last weekend. NEO price has literally canceled all the progress made in the month of July.
The buyers are battling for a support at the 23.6% Fib retracement level highlighted at $30.00. Technical indicators show that the bearish trend will continue in the medium. Moreover, if the $30.00 support gives in, NEO could explore the lows at $25 to $20 range.