Technical Analysis of Coinbase, BNB, and Shiba Inu: Aug 5, 2022
Since the broader crypto market started plunging a few months back, major crypto exchanges have suffered a significant setback. One of the biggest crypto exchanges in the world, Coinbase, declined steadily since the end of March and gained critical support at the $50.50 level during mid-May.
The exchange continued to trade sideways at this level before picking up towards the end of July. As the market is recovering slowly, individuals are showing support. The RSI at 67.97 and the MACD reflect this fact. During press time, COIN traded at $88.90, gaining over 10% since the day before.
The indicators indicate a strong ‘buy’ option for investors and traders.
Binance Coin ($BNB)
Binance Coin ($BNB) has been making slow yet steady progress as the broader crypto market gathers itself. The coin had gained the necessary support at the $203.5 level on June 19. Since then, $BNB has steadily pushed through the chart (ascending parallel channel in yellow).
During press time, $BNB was trading at $315.2. The indicators are well in favor of the coin. The RSI stands at a massive 72.2, while the ADX is gradually picking up while heading north. These indicators suggest a positive signal for buyers.
The 4HR MA seems to be catching up with the growth. $BNB could be gaining more in the days to come.
Shiba Inu ($SHIB)
During press time, Shiba Inu was trading at $0.00001203 after managing a 1.5% increase over the day before. Since July, the meme coin has been trading between $0.00001191 and $0.00001203.
The coin had made steady progress since June when it found support at the $0.00000800 level and bounced back from there. The technical indicators such as the RSI (57.49) and the DMI indicated generous support from the buyers. The 20-day MA also stated that it is safe to buy more $SHIB.
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