Binance Coin, BAT, VeChain Price Analysis: 09 October

Binance Coin, BAT, VeChain Price Analysis: 09 October

October 9, 2020

Bitcoin’s fall over the course of 1-2 October had a ripple effect that was felt across the crypto-market. However, while the world’s largest cryptocurrency soon recovered on the charts, many alts weren’t as lucky. At press time, Bitcoin was being traded at $10,867 with a 24-hour trading volume of $63.9 billion.

Source: CoinStats

The likes of Binance Coin, Basic Attention Token, and VeChain were few of the unlucky ones, with all these cryptos failing to recover their losses, at press time.

Binance Coin [BNB]

Source: BNB/USD on TradingView

The native crypto of one of the world’s biggest crypto-exchanges, Binance Coin was one of the few cryptos to do well in the month of September. However, all its bullish momentum came crashing down towards the end of September, with BNB’s movement further stalled by Bitcoin’s lapses on 1-2 October. In fact, since the latter, BNB has been stuck, trading within a tight channel on the charts.

At the time of writing, BNB was priced at $27.94, with the crypto having recorded losses of over 4% over the last week.

While BNB’s price charts seemed gloomy, its indicators told quite a contrary story. While the dotted markers of the Parabolic SAR were observed to be below the price candles and suggested bullishness, the Chaikin Money Flow was surging towards 0.20, a sign of growing capital inflows.

Binance Coin was in the news recently after it was reported that over $250M in BNB were locked to farm BEL tokens.

Basic Attention Token [BAT]

Source: BAT/USD on TradingView

Basic Attention Token aka BAT, like most alts in the market, had a fruitful first half in the month of August. However, like the rest, BAT too fell dramatically on the charts, with the Brave Browser’s native crypto on a steady downtrend ever since. The downtrend in question was only made worse by Bitcoin’s slapdash movement on the charts, with the crypto falling by over 12% since.

The scale of the aforementioned fall is significant since back in August, BAT was trading at levels last seen in June 2019.

While the converging Bollinger Bands highlighted the lack of volatility in the market, the Relative Strength Index was creeping close to the oversold zone on the charts.

VeChain [VET]

Source: VET/USD on TradingView

VeChain, the market’s 27th-ranked cryptocurrency at press time, like BAT, has been on a steady downtrend since the month of August, a month during which it was trading at levels last seen back in November 2018. The crypto-market’s fall in early-October only accelerated VET’s downtrend on the charts, with the crypto down by over 25% in the last week. That being said, VET was still reporting YTD gains of almost 110%, at the time of writing.

While the MACD line was well under the Signal line on the charts following a bearish crossover, the Awesome Oscillator pictured very minimal market momentum.

VeChain was in the news a while back after the VeChain Foundation claimed that VeChainThor blockchain is perfect for creating NFTs.

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