Without breaking out of this descending channel, Binance Coin will remain bearish
The coin of Indian exchange WazirX has made it to an all-time high today, but it remains to be seen how much of this dramatic gain it can keep
This is bullish news that may only show the top before another dip
Although short term regression trends show upward momentum, Binance Coin is struggling to break out of a descending channel
There will probably be another dip
When the recent all-time high of $352 is not taken into account, $349 is the highest support level that has been achieved. it's possible that Binance Coin could regain support at the $349 level, although this would probably require a surge in buying volume that has not yet taken place.
As the current hourly candle closes in an inverted hammer shape, the value is likely to dip from here. It may find support at 340, 335 or 330.
Buying volume will need to increase dramatically to avoid a massive loss in value
With virtually no buying volume, the MACD histogram is strongly red and has not yet reversed to slow the downtrend
Doge has not reversed the downtrend and is accelerating downward. It has failed to find support outside of the red regression zone, which is 2 standard deviations below the baseline at the bottom edge.
Doge is possibly finding support here but it is still in a downtrend overall
The volume bars in the middle can be seen to drop off sharply after the recent pump and never recover. This is reflected at the bottom of the graph on the MACD histogram, which shows some green signals but none anywhere near as large as the ones when the pump happened
The short term rally caused a brief change of direction, but the price never broke long term down trends and continues downward. Do not buy while the bearish trend is continuing, unless you are willing to hold until the trend has reversed and the price has returned, which could be a long time.
All signs point to more loss in value in the short term
Buying volume has not turned this negative trend around
Candles need to break out of this descending channel to reverse the downtrend