Binance Coin, Waves, Zcash Price Analysis: February 23

Binance Coin has moved south of its descending triangle, but a rally above its 0.5 Fibonacci level looked likely in the next few trading sessions. Likewise, WAVES and Zcash have also shown signs of a bullish comeback and could reverse direction, if the broader market indices are positive.

Binance Coin [BNB]

Source: BNB / USD, TradingView

On the 4-hour timelines, a southward breakout saw Binance Coin drop below the 0.5 Fibonacci level after a descending triangle formed on the charts. The Awesome oscillator moved below the half line as momentum was strong on the sellers side. The 0.786-Fibonacci level could be in the spotlight if the selling continues over the next few sessions.

The RSI was slightly more bullish as it was heading north of the 40 mark. However, the 0.5 level needs to be reversed to consider a bullish comeback.


Source: WAVES / USD, TradingView

WAVES market bulls lost the $ 8.9 support level after the price fell nearly 25% in 24 hours. However, some uptrend was seen in its market in the last session after successive green candlesticks appeared on the hourly charts. On-chain metrics also supported the possibility of a reversal.

The MACD was approaching a bullish cross, as the Stochastic RSI away from oversold zone. This suggests that the bulls could likely hold onto the $ 7.8 support line. Conversely, a prolonged bearish result would see WAVES fall below the aforementioned point and test the next line of defense at $ 6.8.

Zcash [ZEC]

Source: ZEC / USD, TradingView

Zcash was also trading in the red, at press time, after losses amounting to 20% from yesterday. The Average directional index hit the 40 mark, highlighting the strong downward trend in recent sessions. If the sell-off continues, the next support level is $ 97.4.

On the other hand, the RSI highlighted a potential reversal after moving north of the oversold zone. If the buy chooses at this level, ZEC could be heading towards the $ 130 mark.

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