BSV/USD, BNB/USD and TRX/USD suffered notable declines after previously falling to weekly lows
Most altcoins are trading lower today as Bitcoin slips below $9,400 despite strong retail interest and accumulation by large holders, keeping the broader market under pressure.
BSV/USD
Bitcoin SV rose from intraday lows around $169 to a peak near $175 yesterday, but bulls failed to sustain the rally and settled the session around $172. A reported daily loss of 1.69% suggests waning buyer appetite.
On the weekly chart, BSV/USD remains below the 20-day EMA. The RSI is also pointing downward, keeping the momentum within bearish territory.
Bulls must defend the immediate support zone between $170 and $165 to limit further downside. A break below this range could open the way toward $146, and if selling intensifies, prices could test lows near $120.
Conversely, a sustained move above the moving averages and the 20-day EMA would make a recovery toward the $200 area likely.
BNB/USD
Binance Coin dropped to a weekly low around $15 at the start of the week before buyers pushed the price up to a high near $18.
However, BNB encountered strong resistance at $18 and sellers rejected higher levels, forcing prices back toward $16.
BNB currently trades at $16.05, below the moving average cross at $16.33 and $17.09. Prices also sit beneath the 20-day EMA, which represents the first meaningful barrier to renewed upside.
To avoid another rejection that could encourage sellers to target lower levels, prices need to reclaim and hold above the 20-day EMA. Solid support lies near the moving averages’ base; if bulls can invalidate the current downtrend, demand on pullbacks could pave the way for higher tests.
The RSI is bearish, indicating a likely retest of lows around $15.72, which were seen on June 15 as the week began.
TRX/USD
Tron peaked at its monthly high of $0.0185 on June 8. A subsequent downtrend that coincided with weakness across altcoins drove the price to lows of $0.0152 on May 30, 2020.
After reaching $0.0170 on June 17, TRX declined about 1.4% against the US dollar over the past 24 hours.
TRX/USD recently breached two key support zones at $0.0165 and $0.0170. The pair is trading near the 23.6% Fibonacci retracement level calculated from the $0.0185 high to the $0.0150 low within the down channel.
From a technical standpoint, the 4-hour MACD points to a bearish outlook, and the RSI remains in negative territory. Key support levels are at $0.0155 and $0.0150, while any short-term upside could be capped near $0.0168 to $0.0170.