Binance Coin, Ethereum Classic, Waves Price Analysis: March 09

Over the past few days, Bitcoin’s Dominance metric has been on the rise. In addition to the same, Bitcoin also posted steady gains after hitting a local bottom of $37.3k.

The altcoin market reacted positively to Bitcoin’s gains as Binance Coin broke out of its short-term range and Ethereum Classic rose above its resistance level. Finally, Waves noticed a retracement in the charts.

Binance Coin (BNB)

Source: BNB/USDT on TradingView

For the past few days, BNB has formed a range between $367 and $387. On a few occasions, the price plunged below the lows of the range, but found some demand on each occasion. At the time of writing, the price had broken out of the range highs.

The $392 (cyan) area was broken in a single session and the price could revisit this area to gather liquidity before moving higher. The RSI, which has been indecisive about the neutral 50 line of late, has also surged recently.

The OBV has also made a series of higher lows in recent days to show rising demand.

Ethereum Classic (ETC)

Source: ETC/USDT on TradingView

A fixed-range volume profile plotted for ETC in March showed the Point of Control was at $30. This represented a strong resistance level. Like many coins, ETC has broken above the resistance level at $27.2 in the past few hours.

The FRVP also showed ETC trading in the Value Area again and managed to rise above the $27.8 node. The next resistance for ETC was around the USD 29 and USD 30 areas. The Awesome Oscillator flashed strong bullish momentum. Finally, the Aroon indicator noted that there could be an upward trend in play, with Aroon Up strongly on the charts.

Waves (WAVES)

Source: WAVES/USDT on TradingView

WAVES has had a strong run in the past two weeks after climbing rapidly from the low of $8.5 in late February. At the time of writing, WAVES was above the $21 (cyan box) demand area. On the upside, resistance was at USD 23.39, USD 24.6 and USD 26.03.

The previous day saw a bearish divergence (white) between momentum and price, then tested the $21.4 support level. The waves could go higher again and waiting for the CVD to turn green could be a signal that demand has arrived. The RSI stood at 42.8 and should be back above neutral 50 for the next leg up.

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