The previous 24 hours dented the global cryptocurrency market cap again. With that, BIB, AVAX, and EOS displayed bearish flag outlooks on their respective 4hr charts. Binance coin declined beneath the 20-, 50-, and 200 Simple Moving Average as Avalanche saw a reversal from 55EMA. Meanwhile, EOS struggles with $2.28 as its four-hour RSI highlighted bearishness.
Binance Coin (BNB)
BNB has seen downtrends since November 7. The alt recorded two significant sell-offs after dropping from a long-term falling triangle. Such developments had BNB losing 34.78% from January 5, hitting 16-week lows on January 24.
Bears gradually overturned the 3-month support at $414 to resistance. The last few days saw BNB forming a bearish flag on the 4hr chart. For now, bulls’ immediate resistance stands at 20SMA, then the channel’s upper trend-line.
While publishing this article, Binance Coin traded beneath the 20 and 50 SMAs at $365.1. The RSI witnessed a 36-point jump, crossing the half-line yesterday after dropping to the record lows of 18.28.
However, the indicator could not keep the rally, plunging to secure support at 40. Furthermore, the Chaikin Money Flow swayed beyond the zero-line but highlights weakness around the resistance of 0.14.
Avalanche failed to cross the month-long resistance of $96.49 despite a double-bottom break on the 4hr chart. The alt experienced a 54.8% decline since January 2, poking a 14-week low on January 24. That way, AVAX plummeted under all EMA ribbons amid heightened selling activity. For now, the 20EMA stands as the closest obstacle for Avalanche bulls.
While writing this analysis, AVAX traded at $62.18. The RSI revived and jumped beyond the equilibrium after the head-shoulder breakdown. However, the 4.28% 24hr decline had the indicator falling beneath the 39 support. Moreover, the MACD histogram seemed weak as it neared the half-line. Also, the signal and MATIC appeared ready for a bearish cross.
EOS recorded steady declines after bulls failed to join around the $2.9 zone. The bearish outlook had EOS dropping by 30.41% to hit 22-month lows on January 24. For now, the token witnessed a bearish flag on its 4hr chart. Bulls’ closest testing ground stood at $2.28.
While publishing this analysis, EOS hovered near $2.166. The RSI displayed improvement signals but could not maintain beyond the half-line, surrendering the 43-level.also, the Awesome Oscillator shows the neutral position after flashing decreased bearish strength.