Binance Coin (BNB) and Tron (TRX) to continue climbing?: Price analysis

Both $BNB and $TRX have continued to stand out among the vast bulk of cryptocurrencies. While they generally gain modestly in the upside surges, they are the ones that hold up the firmest in the dips. What’s next for these two altcoins?

$BNB rejected from ascending trendline

Source: TradingView

The 4-hour chart for $BNB reveals how the price attempted to break above an ascending trendline. Had the bulls succeeded, this would have been extremely bullish. As it is, the price was eventually rejected, and it now remains to be seen how far down this current reversal leg will go. 

The Fibonacci extension levels suggest that the current price level, of $917, at the 0.382 Fibonacci, could be where the price is held up.

If there is still some sort of a strong dip to the downside, more than likely instigated by Bitcoin market makers, the 0.618 Fibonacci, sitting on top of the previous swing high, would be an excellent level from which to see a bounce.

The Stochastic RSI indicators on this time frame are at the bottom. The 8-hour is nearly there, and the 12-hour Stochastic RSI indicators are well on their way down. This all means that upside momentum may only be a day or two away.

$BNB confirming above multi-year ascending trendline

Source: TradingView

The weekly chart for the $BNB price is looking very bullish. An ascending trendline can be traced all the way back to early 2021. The price definitively fell under this trendline in April 2022 and has remained there ever since. Until of course the breakthrough candle last week, and what would be a confirmation candle this week.

Above this yet to be confirmed breakout is the 1.618 Fibonacci at just above $1,000. This is an obvious target. The Stochastic RSI indicators at the bottom of the chart suggest that there could be enough momentum left in the tank to get there. Whether the $BNB price breaks through, or gets rejected, is another matter.

$TRX retests ascending trendline

Source: TradingView

In the short-term price chart it can be seen that $TRX is keeping well above the ascending trendline. After a relatively big spike to the downside on Saturday, the price did in fact retest that trendline, but once the retest had taken place the bulls shot the price back to the upside, leaving a long candle wick behind, bearing testament to the interest in this altcoin.

Currently, the price is holding firm at the $0.345 horizontal support. If this support fails, the Fibonacci levels at $0.34, $0.33, and at $0.326 are areas for a possible bounce.

$TRX retests parabolic curve

Source: TradingView

The weekly chart for $TRX is another very bullish one. Not only did the recent spike down retest an ascending trendline, it also retested a parabolic curve that has been forming for quite some time now. If the Stochastic RSI indicators can turn around at the 50.00 level, which previously happened through July and into the end of 2024, the ensuing momentum could be enough to push the $TRX price to the target of around $0.60, as per the 1.618 Fibonacci.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.