Binance Coin made gains in the past few hours and looked to have reclaimed a support level. Whether this is successful will be revealed in the next few sessions of trading. BAT was retracing gains made during the recent surge. TRX dropped in value almost as quickly as it gained, and it indicated further bearishness.
Binance Coin [BNB]
Source: BNB/USDT on TradingView
Binance Coin was ranked 10 on CoinMarketCap. BNB moved sharply at $21 to reach $22.29, where it was trading at the time of writing. RSI showed a value of 51 at press time. This could be a fakeout similar to the one on August 20, if RSI were to break below 50 level again.
It is possible that BNB should manage to hold on to support at $22, if buyers step in. If RSI does not dip beneath 50 in the coming days, a reversal of short-term bearishness is possible.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
BAT was trading near the 38.2% retracement level highlighted by Fibonacci Retracement tool. Directional Movement Index showed ADX (yellow) above 20, with -DMI (pink) above +DMI (blue), indicating a bearish trend for the next few days.
If it follows through, BAT could be forced to retrace to the 50% level or the 61.8% level, at $0.332 and $0.3. However, BAT remains bullish on a longer time-frame. It maintained an uptrend from March to July, consolidated for nearly a month before its recent surge.
TRON [TRX]
Source: TRX/USDT on TradingView
TRON had a marketcap of $1.65 billion, ranking 15th. After surging dramatically by near 50% within a week to a high of $0.032, TRX was forced back down. TRX slumped almost as quickly as it surged, dropping beneath support at $0.023, where it was trading at press time.
Awesome Oscillator showed increasing bearish momentum for the coin, indicating that TRX might eventually find itself back on square one, trading near $0.02.
If resistance is reclaimed, it can be argued the recent move down was a correction in an uptrend. Until then, short-term bearish outlook remains for TRX.
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