In the cryptocurrency market, especially for investors trading in the futures market, technical analysis is an indicator that must be constantly monitored. At the time of writing, BNB is trading at $225.1 and MATIC at $0.7350. So, what clues does technical analysis provide us? We are examining detailed charts and important support and resistance levels.
BNB shows an ascending channel formation that has become significant on the four-hour chart. This structure was invalidated following a major sell-off after the process between the U.S. Department of Justice and Binance. While BNB’s price is showing signs of recovery, the EMA 200 (red line) is acting as a significant resistance level, and momentum continues to slow.
The most important support levels to be monitored on the four-hour chart for BNB are, respectively; $222.2, $218.6, and $215.1. Particularly, a four-hour bar close below the $222.2 support level on November 27th will likely lead to significant selling pressure on the price.
The most important resistance levels to be monitored on the four-hour chart for BNB are, respectively; $227.7, $231.7, and $237.7. A four-hour bar closing above the $238.7 level, which intersects with the EMA 200, will potentially reignite bullish momentum for BNB.
MATIC also presents an ascending channel formation as the first notable pattern on the four-hour chart. Although the price gained significant momentum by breaking resistance in November, MATIC has recently returned to the formation area and broken support. This development indicates that MATIC may face selling pressure in the short term.
The most important support levels to be monitored on the four-hour chart for MATIC are, respectively; $0.7209, $0.6947, and $0.6623. A four-hour bar close below the $0.7209 level is likely to lead to a loss of momentum in the price.
