The price action in the crypto market has been showing in the last two days that the decline in cryptocurrencies is over. Digital coins lost 30% on average during the decline on Tuesday, which was just a flash crash, since it only lasted more than one hour and then stopped.
Binane Coin Analysis – Our Buy BNB/USD Signal Is in Profit
After the big decline in BNB/USD which came during the crash in the crypto market, Binance coin wasn’t looking as bearish as most of the market. It kept making higher lows, showing buying interest despite the bearish momentum in the cryptocurrency market.
The 200 SMA (purple) was helping buyers on the daily chart as well and eventually, all other moving averages were broken as the trend turned bullish, starting from July 20. The 20 SMA (gray) even held as support during the pullback in late August, but it couldn’t resist the crash earlier this week. Although, the other moving averages held the crash in Binance.
The decline stopped right at the 100 SMA (green) while the 50 SMA is also acting as support. Yesterday we decided to open a buy BNB/USD signal and the candlestick closed as a pin, which is a bullish reversing signal after the decline. Now the chart has formed a bullish setup, so we are on the right side at the moment and our signal is already nearly $10 in profit.
Axie Infinity Coin Analysis – AXS/USD Looking to Turn Bullish
Axie Infinity coin has been quite predictable in the last two months. It has turned bullish every time it has met the 20 SMA (gray) on the daily chart. It surged by around 600% in the first round in early July, then it surged by 400% in late July after the 20 SMA caught up and the sentiment turned bullish in the crypto market. In the third jump, Axie Infinity appreciated more than 200% in August and finally, it jumped by 40% last Saturday.
There are two bullish candlesticks in Axie Infinity token already
The last bullish move was a bit disappointing, which indicated that a deeper pullback lower might follow since buyers were losing their purchasing power. Besides that, the $100 level is a major resistance target, so there was some profit-taking from all the buy positions during this enormous bullish run.
The crash in the crypto market came and the 20 SMA was finally broken. Although the 50 daily SMA (yellow) seems to have turned into support for AXS/USD now. The price has bounced off this moving average but the 20 SMA might have turned into resistance. The 20 SMA rejected the price and Axie retreated lower although buyers are still in charge, so the uptrend will probably resume soon therefore we’re holding on to our buy AXS/BTC trade.