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COCOS Breaks Out – Will Other Binance Chain Tokens Follow?

2 min read

Cocos-BCX (COCOS) is in the process of breaking out from a descending resistance line.

Swipe (SXP) is trading inside support at $1.75 and has generated multiple bullish divergences.

Unifi Protocol DAO (UNFI) has created a double bottom pattern and broken out from a descending resistance line afterwards.

SXP

SXP has been trading close to the $1.75 horizontal support area since May 19. While it has initiated a few bounces, neither have been successful. 

Despite the lack of a significant upward movement, there are bullish divergences developing in the MACD, RSI & Stochastic oscillator. These are signs that an upward movement could transpire.

The closest resistances are at $3.08 and $3.62, the 0.382 and 0.5 Fib retracement levels, respectively.

SXP Daily
Chart By TradingView

The shorter-term two hour chart shows that SXP has broken down from an ascending wedge, which could have been a leading diagonal. 

It is currently trading right at the 0.618 Fib retracement support area. 

The MACD has begun to move upwards, supporting the possibility that SXP could do the same.

SXP Wedge
Chart By TradingView

Highlights

  • SXP is trading above support at $1.75.
  • It has broken down from an ascending wedge.

COCOS

COCOS has been decreasing since March 11, when it reached a high of $1.87. Throughout the descent, it has been following a descending resistance line. 

On May 23, it reached a low of $0.285 and bounced. It has been moving upwards since.

Currently, it is in the process of breaking out from the previously mentioned descending resistance line. While it has already moved over it, it has yet to reach a close above the line.

Furthermore, technical indicators are bullish, supporting the likelihood that a breakout transpires. The RSI has moved above 50, the Stochastic oscillator has made a bullish cross and the MACD is nearly positive.

The next resistance is at $0.89. This is the 0.382 Fib retracement resistance level. 

COCOS Descending resistance
Chart By TradingView

Highlights

  • COCOS is breaking out from a descending resistance line.
  • There is resistance at $0.89.

UNFI

UNFI has been moving upwards since reaching a low of $5.63 on May 23. On June 22, it returned to the same level, creating a double bottom pattern.

The pattern was combined with bullish divergence in the RSI, MACD & Stochastic oscillator.

These are all signs that the token is expected to move upwards.

UNFI Double bottom
Chart By TradingView

The shorter-term six-hour chart shows that UNFI has already broken out from a descending resistance line and validated it as support afterwards. 

The closest horizontal resistance areas are at $10.80 and $14, respectively.

UNFI Breakout
Chart By TradingView

Highlights

  • UNFI has created a double bottom pattern.
  • It broke out from a descending resistance line.

For BeInCrypto’s latest BTC (BTC) analysis, click here.

The post COCOS Breaks Out – Will Other Binance Chain Tokens Follow? appeared first on BeInCrypto.

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