Hedera HBAR Remains Weak, While Binance BNB and Maker MKR are Ready for a Breakout Higher
Hedera has been extremely weak since it reversed down, following the surge in Q1. The HBAR/USD gained around 1,300% in value during Q1, which was more than many other cryptocurrencies. But, the bullish momentum stopped in March, while other cryptos continued to surge until the middle of April or the middle of May.
That was a first sign that pointed to a possible retreat, and it hasn’t stopped since it started in the middle of March. We saw a few decent attempts from buyers in the first couple of months, but they didn’t produce much and the sellers returned. They have been in total control of the HBAR/USD since the middle of May, and the 20 SMA (gray) maintains its bearish trend, providing support during retraces higher.
The crash in Binance came later, as the situation deteriorated in the crypto market, after China banned BITCOIN mining. But, the 200 SMA (purple) held as support on the daily chart, and it has been pushing the price higher ever since. That moving average held as support again today, helped by the 20 SMA (gray) as well. We were planning to buy BNB/USD down there at the moving averages, but missed the opportunity to go long, since the jump happened quite quickly.
BNB/USD getting squeezed between 2 MAs
MakerDAO’s coin, Maker, also bounced off moving averages today. The 50 SMA (yellow) has been acting as resistance at the top, but the 20 SMA (gray) and the 200 SMA (purple) have turned into support now. The stochastic indicator is also nearly oversold on the daily chart, which makes a good point for a bounce from here around $2,400, at least until the 50 SMA, which comes at around $2,900 now. But, I think that we will see a breakout to the upside in the MKR/USD as the range narrows further. The same goes for Binance, but I can’t say the same for Hedera, which continues to show serious signs of weakness.
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