Binance Coin, Synthetix, Zcash Price Analysis: 27 January

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Binance Coin was trading within a restricted channel and it awaited further direction from the broader market for a breakout. SNX flipped the $17-resistance level, but the indicators suggested that bullish momentum was slowing down. Finally, ZEC moved closer to its 200-SMA and a fall below that level would confirm a bear market trend.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin was little changed over the last 24 hours as the crypto-asset traded at $41, up by 0.6%. In fact, BNB saw some consolidation over the past few trading sessions and the price moved between a fixed channel of $41.9 and $40.5. The price might continue to move within the said channel and a breakout in either direction would depend on further cues from market leaders Bitcoin and Ethereum.

The Awesome Oscillator suggested that momentum was bullish-neutral.

Although the Relative Strength Index was pointing south, it remained in the neutral zone and did not underline a strong move in either direction.

Synthetix [SNX]

Source: SNX/USD, TradingView

The final session of trading saw some bearish movement after SNX managed to flip the $17-resistance. Lower trading volumes and subdued buying activity over the last 24 hours suggested that bulls could struggle to maintain SNX above its resistance…

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