The last 24 hours have yet again damaged the global crypto market cap. Consequently, Binance coin, Avalanche, and EOS flashed bearish flag tendencies on their 4-hour chart. Binance coin fell below its 20-50-200 SMA while Avalanche reversed from the 55 EMA.
EOS struggled with the $2.28-mark while its 4-hour RSI confirmed a bearish edge.
Binance Coin (BNB) Falls 34.78% January 2022
The alt has been on a descent since 7 November. After breaking down from its long-term descending triangle, it witnessed two substantial sell-offs. As a result, BNB noted a 34.78% loss (from 5 January) and touched its 16-week low on 24 January.
Gradually, the bears flipped the three-month support at the $414-mark to resistance. Over the past few days, the alt formed a bearish flag on its 4-hour chart. Now, the immediate resistance for the bulls would be at the 20-SMA followed by the upper trendline of the channel.
At press time, the BNB was trading below its 20-50 SMA at $365.1. After dipping towards the record low of 18.28, the RSI saw a 36 point revival and crossed the half-line on 26 January. However, after failing to sustain the rally, it dipped to find support at the 40-mark. Meanwhile, the CMF managed to sway above the zero-line but weakened from the 0.14 resistance.
Avalanche (AVAX) Reverses from 55 EMA After Double Bottom Breakout Fails – January 2022
The double-bottom breakout on its 4-hour chart failed to cross its month-long resistance at the $96.49-mark. As a result, AVAX saw a 54.8% retracement (since 2 January) and poked its 14-week low on 24 January.
Accordingly, it fell below all its EMA ribbons while the selling influence heightened. So now, the 20-EMA stood again as an immediate hurdle for the bulls to conquer.
At press time, the altcoin was trading at $62.18. Since its head and shoulder breakdown, the RSI recovered and moved above the equilibrium. But the 4.27% 24-hour loss propelled it to fall toward the 39-mark support. Further, the MACD histogram weakened as it approached the half-line. Also, the MACD and the signal line seemed on the verge of a bearish crossover.
EOS Struggles to Hold $2.28 as Bears Take Control of the Market
While the bulls failed to step in at the $2.9-level, the alt has steadily declined. The down-channel (white) breakout reversed after the broader fallout as EOS marked a 30.41% decline and touched its 22-month low on 24 January.
Now, EOS too saw a bearish flag on the 4-hour chart. The immediate testing point for the bulls continued to stand at the $2.28-mark
At press time, EOS traded at $2.166. The RSI showed improvement signs but failed to sustain above the half-line while losing the 43-mark level. Further, the AO depicted a position of neutrality after hinting at decreasing bearish influence.
With a financial analysis and reporting background, Yash is a full-time journalist at AMBCrypto. In addition, he has a keen interest in blockchain technology, with a primary focus on the technical analysis of cryptocurrencies.
Conclusion
The global crypto market cap has taken another hit in the last 24 hours, with Binance coin, Avalanche, and EOS flashing bearish signals. BNB fell below its 20-50-200 SMA while Avalanche reversed from the 55 EMA. Meanwhile, EOS still struggled to stay above $2.28, and its 4-hour RSI confirmed a bearish edge.
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