As Bitcoin and Ethereum secured fresh gains, the altcoin industry mimicked their price actions. Tezos, in the midst of developmental news about Golden Goals introducing NFTs on the altcoin, pictured gains while eyeing its immediate resistance level of $6.05.
Binance Coin surged by 5.2% as it steered clear of the crucial support level of $460.42. Finally, Cosmos rallied by 7.3% as it prepared to retest its all-time high.
Tezos [XTZ]
XTZ/USD, TradingView
XTZ rose up on its charts after Bitcoin pushed against $50k. Over the last 24 hours, XTZ registered gains of 4.1% and was trading at $5.36. It kicked off after it hit the week low of $5.08. The immediate resistance for the coin lay at its all-time high of $6.05. To be able to retest the $6.05 level, the coin needs to sustain above the $5.08 price level.
The technical outlook for XTZ looked bullish. The Awesome Oscillator recorded green signal bars. Capital inflows rose on the Chaikin Money Flow. Finally, the Relative Strength Index hiked above the 50-mark on the charts.
A price pullback would mean XTZ landing on the $5.08 price floor. This level has acted as a crucial point for propelling uptrends in the past. Failing to rest on the aforementioned support line would push XTZ to $4.30.
Binance Coin [BNB]
BNB/USD, TradingView
Binance Coin appreciated by 5.2% over the last 24 hours and was priced at $490.80. Binance Coin stayed clear off its crucial support line of $460.42 as the coin hadn’t dipped below that price level in over a week’s time. An overhead resistance of $517.01 awaits BNB.
Capital inflows shot up substantially on the Chaikin Money Flow, with the indicator last hovering around this mark on 23 August. Buying pressure too rose as the Relative Strength Index stood at 60. Green signal bars were visible on the Awesome Oscillator.
Negative price action could make BNB fall to $460.42 and then to $433.54.
Cosmos [ATOM]
ATOM/USD, TradingView
Cosmos booked gains of 7.3% in the last 24 hours and was trading at $24.24. This rally came after Cosmos launched its cross-chain bridges for ETH and BTC. A sustained uptrend could push the coin to retest its all-time high price level of $25.57. Parameters for the coin implied positive price action.
The Relative Strength Index remained bullish despite a dip in buying strength as the indicator stood near the 60-mark. The Awesome Oscillator flashed green signal bars to affirm bullishness.
Finally, the Bollinger Bands converged slightly. This meant that market volatility could decrease over the coming sessions.
A pullback could cause Cosmos to find support at $21.81 and then at $19.62.
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Source: https://ambcrypto.com/tezos-binance-coin-cosmos-price-analysis-02-september/