Binance Coin (BNB) and Monero (XMR) Price Analysis - March 11,2021
Earnings over the last 7 days have been fruitful for Binance Coin (BNB), as the altcoin maintained its position as the world's third-largest cryptocurrency with a market cap of $43,253,758,280. BNB gained more than 15.52% on a seven-day period, per data from CoinMarketCap, and it is currently on an uptrend. BNB/USD pair will likely continue to rise and break through the resistance level of $300 in the short-term.
As for Monero(XMR), the privacy coin slightly decreased by 1.19% over the past week and is now ranked 24th among cryptocurrencies, with a total market cap of $3,899,455,661. At present, the bulls are not strong, and the short sides are still dominating the market in the short-term, which suggests that XMR may drop to a $200 support level.
Binance Coin (BNB) Price Analysis
Source: BNB / USD Daily via TradingView
After forming a base higher than $210, Binance Coin started a new round of growth. BNB broke the $250 resistance level on March 9. Although BNB dropped by 5.18% yesterday, it is currently trading above the 9-day Moving Average line. The bulls are protecting its $260 support level.
A key bullish trend line is formed on the daily candlestick chart of the BNB/USD, and the support level is around $250. On the bright side, the main resistance is still around $300. Above this level, the price may accelerate more in the short term to hit its all-time high of $368.29.
If BNB fails to move higher, a new downward correction may occur. The first major support is at $260. The next major support level is near the trend line. If it breaks below the upward trend line, the bears may suppress the price to around $210.
The blue MACD line is approaching the yellow Signal line, showing that bearish momentum is slowly reversing for BNB. The MACD of BNB/USD is slowing down in the bearish zone, indicating a signal of forming a bullish crossover.
Monero (XMR) Price Analysis
Source: XMR/USD Daily via TradingView
Monero (XMR) is a privacy-focused cryptocurrency released in 2014. After the market correction in late February, Monero tried to break through the resistance level of $230 on March 1 and March 2 but was unsuccessful. Therefore, a new round of bearish market began.
Although the Stochastic RSI indicator broke out of the oversold area and climbed to the 60 levels, the blue K-line and the yellow D-line have turned downward and merged to form a bearish cross, which may make it difficult for the bulls to initiate an upward breakthrough. The first resistance zone for XMR to test will be the $230.80 level zone. If it can successfully break through this level, the next uptrend will be triggered for XMR and the bulls will aim to retouch XMR's all-time high of $288.88.
The first support level is the 30-day Exponential Moving Average of $210.71. If the bulls fail to maintain this level, then the bears will suppress XMR's price, forcing it to test the next support level of $200.
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