Terra, Binance Coin Price Analysis: August 23, 2021

By John Isige
Published August 24, 2021 Updated August 24, 2021
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Terra, Binance Coin Price Analysis: August 23, 2021

By John Isige
Published August 24, 2021 Updated August 24, 2021
  • Terra’s uptrend to $40 remains unstoppable while supported by a solid technical outlook.
  • Binance Coin loses ground above $500 as overhead pressure threatens liftoff to $600 in favor of a pulldown to $400.

Most cryptocurrencies have slowed down the bullish price actions witnessed over the weekend and throughout Monday. For instance, Bitcoin gained ground above $50,000 but stopped short of $51,000. Currently, the flagship cryptocurrency is teetering marginally above $49,000, while Ethereum is in a seemingly losing fight to crack the barrier at $43,400.

Terra:

Terra is among a few altcoins that are still in the green and recording double-digit gains on Tuesday toward the end of the Asian session. The token LUNA has made it top on the investors’ favorite list. This follows a remarkable uptrend that saw it lift above the previous all-time high of $23.35 and extend the bullish leg above $30.

The first breakout above $30 brushed shoulders with $36 but immediately corrected to affirm support at $26. Bulls later regained control and reclaimed the position above $30.

Meanwhile, LUNA is trading at $33 while bulls work on executing the mission to $40. A daily close above $35 or $36 levels would confirm the uptrend to new record highs at $40. Realize the Terra is highly overbought, but the Moving Average Convergence Divergence (MACD) indicator has a massive bullish impulse, ensuring that the uptrend remains steady.

LUNA/USD Daily Chart

LUNA/USD price chart
LUNA/USD price chart by Tradingview

Binance Coin:

Binance Coin is also green, having accrued 6% in gains over the last 24 hours. The exchange native token has achieved several milestones since the lows in July, the latest being the break above $500 to post a four-month high at $520.

However, bulls soon ran out of steam, leaving BNB to correct below $500. In the meantime, Binance Coin is trading at $493 while dealing with rising overhead pressure.

The Relative Strength Index (RSI) overbought in the daily timeframe, suggesting that a pulldown is likely. If bulls fail to close the day above $500 in the near term, we expect overhead pressure to intensify.

BNB/USD Daily Chart

BNB/USD price chart
BNB/USD price chart by Tradingview

Perhaps support at $430 will come in handy to prevent losses from extending further. On the other hand, the MACD still has a bullish impulse which could help bulls regain control soon enough. However, if overhead pressure keeps rising, a sell signal will play, resulting in more losses toward $400.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1154 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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