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BNB, XLM and TRX Price Analysis for October 3

Which coin out of Binance Coin (BNB), Stellar (XLM) and Tron (TRX) is likely to come back to a bullish trend faster than the others?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation on the cryptocurrency market has slightly improved as some coins have come back to the green zone. Mainly, Binance Coin (BNB) and Ethereum (ETH) are the top gainers, rising by 2.7% and 0.8% respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The main data on Binance Coin (BNB), Stellar (XLM) and Tron (TRX):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Binance Coin 

BNB

$3,995,576,616 $27.67 $537,268,191 2.7%

Stellar

XLM

$1,479,903,001 $0.071279 $146,355,787 -0.04%

TRON

TRX

$1,905,726,543 $0.026594 $1,321,556,601 7.04%

BNB/USD

Binance Coin (BNB) is the top gainer among 10 other cryptocurrencies. The rate of the digital asset has increased by 11.12% over the previous 7 days.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

On the weekly chart, Binance Coin (BNB) has entered the correction phase after growth began at the end of March. Even though the bullish trend remains relevant long-term, an ongoing drop may continue.

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Applying the Fibonacci retracement to the chart, the decline may continue to the 61.8% level, which corresponds to $20.45, where bulls may seize the initiative.

Binance Coin is trading at $27.63 at press time.

XLM/USD

Stellar (XLM) has shown much worse performance over the last week than Binance Coin (BNB). The decline has made up 6.42%, while the price since yesterday has constituted -0.04%.

XLM/USD chart by TradingView
XLM/USD chart by TradingView

Stellar (XLM) has formed a bullish divergence on the daily time frame. It is too early to consider a trend reversal; however, short-term growth is possible. As part of the potential bounce off, the rate of the altcoin may rise to the closest resistance at $0.082, where a false breakout is likely to occur.

Stellar is trading at $0.0711 at press time.

TRX/USD

Tron (TRX) is the main winner today, as the price of the coin has rocketed by 7% just over the past 24 hours.

TRX/USD chart by TradingView
TRX/USD chart by TradingView

On the daily chart, Tron (TRX) is trying to grow after a dump to $0.025, where it made a false breakout. The trading volume is at the lowest levels, which means that traders are solidifying their positions before an upcoming price blast. From the technical point of view, growth is more likely than a drop, which is confirmed by the rising lines of the MACD indicator that are about to enter the bullish zone. If that happens, buyers may get the rate of Tron (TRX) to $0.029 soon.

TRX is trading at $0.026 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com