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).
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.
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.
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.
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.
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.
Highlights
- BNB is trading inside a symmetrical triangle.
- Technical indicators are undecided.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
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