Bitcoin’s strong recovery shows aggressive buying on every minor dip, but the bulls may struggle to overcome the $100,000 resistance.
BNB has found its footing at the $605 support level, sparking optimism for a potential recovery. Following recent bearish pressure, the bulls appear to be regrouping, aiming to regain control and push the price higher. With key technical indicators signalling renewed buying interest, market participants are closely watching whether this support will serve as the launchpad for BNB’s next rally. As BNB shows encouraging signs of revival, this article aims to delve into its rebound from the $605 support level and evaluate its capacity for a sustained recovery. By analyzing market trends, technical indicators, and key resistance levels, we seek to determine whether BNB is positioned for a fresh, bullish run or still faces the risk of renewed bearish pressure. Technical Indicators Signal A Potential Rebound On the 4-hour chart, BNB is currently exhibiting a steady upward trajectory despite trading below the 100-day Simple Moving Average (SMA). After rebounding strongly from the critical $605 support level, the asset is making strides to extend its gains, aiming toward the $635 resistance zone. A successful breach above the 100-day SMA could further validate its recovery, potentially opening the door to higher levels. Also, the 4-hour Relative Strength Index (RSI) has rebounded to 42% from a low of 35%, signaling a resurgence in buying pressure and a shift toward a more bullish market sentiment. If the RSI rises and approaches 50%, it could confirm its upside movement, giving BNB the strength to push higher and test resistance levels. Related Reading: BNB Price Sets Up for a Comeback: Bulls Eye Higher Levels BNB is showing strong upward movement on the daily timeframe, holding above the 100-day SMA after a rebound at the $605 support level. This has provided stability, enabling the cryptocurrency to advance toward the $635 resistance level. The price movement indicates a growing optimistic sentiment as BNB trades above key technical levels. Furthermore, the daily RSI has risen above 50% after briefly dropping below it, signaling a shift to positive market sentiment. With bearish momentum subsiding, this suggests that buying pressure is stronger than selling pressure. If the RSI continues to rise, it could further support BNB’s upswing and strengthen the positive trend, possibly leading to a continued rally, targeting higher resistance levels. Analyzing Key Resistance Targets For BNB Next Move Following its rebound from the $605 support level, BNB is targeting the $635 resistance level, which could serve as a key obstacle. Should the cryptocurrency successfully break through this resistance, the next targets could be higher zones, such as the $724 level and beyond, signalling robust bullish momentum. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? However, if BNB fails to break through the $635 resistance, it may indicate a potential consolidation or reversal, with the price falling toward the $605 support level. A successful break below this support could lead to more declines, targeting lower support levels. Featured image from iStock, chart from Tradingview.com
Bitcoin’s failure to cross above $100,000 could extend the current price pullback. The real question is whether or not bulls will buy the dip.
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Bitcoin continues its march toward $100,000, and several altcoins could be poised to hit new all-time highs.
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Bitcoin is witnessing a shallow pullback, but bulls still anticipate a rally toward $100,000 in the short-term.
BNB price struggled to clear the $665 resistance zone. The price is consolidating and might aim for a fresh increase above the $635 level. BNB price started a downside correction from the $665 resistance zone. The price is now trading below $640 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $600 level to start another increase in the near term. BNB Price Holds Support After a close above the $620 level, BNB price extended its increase. However, upsides were limited above $660 and the price remained capped, unlike Ethereum and Bitcoin. There was a move below the $632 and $620 levels. However, the price is now holding gains above the $600 level. A low was formed at $616 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $661 swing high to the $616 low. The price is now trading below $620 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $626 level. The next resistance sits near the $638 level or the 50% Fib retracement level of the downward move from the $661 swing high to the $616 low. A clear move above the $638 zone could send the price higher. In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger move toward the $665 resistance. Any more gains might call for a test of the $680 level in the near term. More Losses? If BNB fails to clear the $638 resistance, it could start another decline. Initial support on the downside is near the $620 level and the trend line. The next major support is near the $615 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $565 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $620 and $615. Major Resistance Levels – $638 and $650.
Bitcoin is showing no signs of stopping its advance toward $100,000, and several altcoins look poised to follow.
The estate of bankrupt crypto exchange FTX filed a lawsuit against Binance and its former CEO, Changpeng Zhao, for alleged fraudulent transfers and starting a campaign to “destroy” its competitor. The $1.8 billion legal action follows another 23 lawsuits filed last Friday to claw back part of the ill-spent funds. Related Reading: Cardano Founder Reveals […]
Bitcoin picked up momentum and soared above $84,500, pulling several altcoins higher.
Bitcoin hit a new all-time high at $77,000, boosting buying in several altcoins, which have also broken above their respective resistance levels.
NFT trading volume on BNB Chain increased 283% quarter-on-quarter in Q3, driven by whales as average daily buyers fell over 50%, according to Messari.
Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served four months for failing to implement adequate anti-money laundering (AML) measures at Binance. Strong Emotional Ties To Binance’s Future Amid cheers […]
In the past 24 hours, the price of Binance Coin (BNB) increased by 5%, which is indicative of a consistent upward motion. BNB, which just broke the vaunted $600 barrier, is attracting the market’s focus due to indications of bullish momentum. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks However, the data at CoinCheckup suggests that BNB is trading about 20% below its expected price for the next month. This undervaluation might thus be a sign of potential for near-term profits if this trend does not change anytime soon. Binance Coin: Mixed Sentiment & Cautious Optimism BNB’s technical figures indicate a cautious optimism regarding market sentiment. The Relative Strength Index (RSI) is consistently around 50, indicating a balanced sentiment that is not subject to significant pressure from either purchasers or sellers. This neutrality in itself says that the market is not overheating and, by extension, BNB could surge either way without a clear, outstanding trend. Another very important indicator to monitor is the Chaikin Oscillator, and it’s currently at -35K. Thus, there’s virtually no buying accumulation. Meanwhile, in the absence of a change in market sentiment that may attract more buyers into the fray, the lack of capital inflow might be the thing that keeps BNB from further rallies. The trading volume of BNB rises by 31% within 24 hours, therefore the market activity and interest are rising. Investor interest is observable via the figure for volume-to-market capitalization ratio, which is at 2.46% currently, and based on this increase, but what is being tested is whether interest supports the upward move of prices. Short-Term Pressures And Trading Volatility The liquidation map of BNB demonstrates concentration zones that may jeopardize price stability in the immediate term. The potential for price volatility exists if BNB surpasses $590; short positions are highly concentrated at the $583 level. This can push these short positions, and subsequently, act like a domino effect that might push prices up higher. Long liquidations are triggered when the price falls below $570. This means if the BNB price drops, sells can be accelerated as the positions near their end. These levels are the critical points a short-term trader should be watching. Depending on the behavior of the market, the price fluctuations around these levels can either have risks or present opportunities. Related Reading: Grab Ethereum Now? Expert Says Next Stop Could Be $10,000 After ‘Final Drop’ Long-Term Forecast With projections indicating a potential rise of 60% over the next three months and a subsequent increase of 30% over six months, BNB’s outlook remains optimistic (although it is important to remain cautious). Furthermore, the anticipated growth rate of 53% suggests that the 12-month forecast is robust, which is promising for investors. The recent token burn activity of BNB—leading to the definite elimination of 1.77 million tokens (which are estimated to be worth about $1 billion)—has emerged as the main reason for this positive sentiment. This supply reduction is crucial for price stability and BNB growth for long-term investors. Each burn increases the value of the remaining tokens, but the volatile market makes it uncertain how these dynamics will play out. Featured image from DALL-E, chart from TradingView
Among the largest cryptocurrencies by market capitalization, Solana (SOL) has surpassed Binance Coin (BNB) to secure the fourth position. SOL has recently experienced a 14% increase, which has enabled it to surpass BNB. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 This represents an emerging market momentum of Solana. According to Coingecko, the market capitalization of Solana has reached over $87 billion in comparison to that of Binance Coin at almost the $84 billion mark. Thus, this shows the emergence of Solana’s strong appeal to investors. Solana’s most recent ascent has brought it into the limelight, prompting crypto devotees and analysts to contemplate whether this represents a new era for the network. Despite a nearly 4% increase in BNB during the same period, Solana’s rapid recovery and robust community support have eclipsed its rival. Increasing User Engagement and Activity Apart from market size, active participation and complete information on-chain have raised Solana’s price. The network just noted a historic first: 123 million active monthly addresses in October, up 40% from September. According to the latest data, active addresses increased month by month displaying participation and confidence in the promise Solana presented. According to the real-time economic activity reports by Blockworks Research, transaction fees and MEV tips recently peaked at a new all-time-high figure of $11 million on October 24th. These values have remained much above past ones, even though they have fallen somewhat lately. Particularly from regular users and small-scale transactions, the higher use and engagement show the dynamic character of Solana’s ecosystem and its capacity to draw each daily players. Memecoins Add To The Frenzy The memecoin mania has taken off within its network, thereby amplifying trading volume and attracting more users, which has contributed to Solana’s rally. Pump.fun, a memecoin generator, and Raydium, a decentralized exchange, have received substantial attention. Pump.fun generated $30 million in revenue in October. On the other hand, Raydium’s trading volume exceeded $30 billion. Memecoins have been a significant factor in the recent growth of Solana, as a growing number of users are flocking to these platforms to trade or generate meme-based tokens. The emergence of these niche areas has heightened the enthusiasm surrounding Solana, illustrating its adaptability as a blockchain that accommodates both mainstream and unconventional projects. Related Reading: Shiba Inu Set For Takeoff? Analyst Predicts 10-Fold Surge To Yearly Peak DeFi Expansion Boosts Solana’s Ecosystem The price and volume of token transactions are not the only factors that contribute to Solana’s growth. According to a research by Messari, the Solana decentralized finance ecosystem is experiencing growth in terms of value locked (TVL), reaching $5.8 billion in Q3 2024. This is a 25% increase from the previous quarter, which propelled Solana to the position of third largest network by TVL. Featured image from Reddit, chart from TradingView
Crypto markets cheered Donald Trump’s win by pushing Bitcoin to a new all-time high above $75,000, signaling the start of the next leg of the uptrend.
Solana gains alongside Bitcoin’s US election-related rally, and data hints that SOL price could hit $200.
Over the weekend, Binance and Coinbase were accused of asking for millionaire fees for token listing, igniting a discussion about listing requirements, exchange rivalry, and FUD (fear, uncertainty, and doubt). Several industry figures weighed in on the matter, including Justin Sun, Brian Armstrong, and Changpeng Zhao, who denied the claims on Monday. Related Reading: XRP […]
On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chain. This latest event of the routine token burn reiterates the project’s commitment to a deflationary approach in order to ensure growth. A total of 1,772,712.363 BNB tokens (worth approximately $1.07 billion) were automatically burned in this quarter’s event. According to the foundation’s blog post, this quarter’s burning was (and subsequent token burning events will be) performed directly on Binance Smart Chain (BSC), with the burn amount sent to a “black hole” address. Can The Latest Burn Event Propel BNB’s Price To $600? Token burning, a process in which tokens or coins are purposely and permanently removed from circulation, is carried out to trigger an increase in a token’s value. Similarly, the quarterly token burn can have a significant impact on BNB’s price by decreasing the total supply, thereby creating a deflationary effect. Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means Moreover, the consistency of the quarterly BNB burns shows the dedication of the foundation to the long-term growth and success of the token. This positive trend could favorably impact general market sentiment, as it strengthens investors’ trust in BNB’s potential as a stable investment. However, it is worth looking at the impact of previous quarterly burns on the BNB price to be able to gauge the potential effect of the latest event. Notably, the 28th token burn, which was completed on July 22, 2024, didn’t exactly have a bullish impact on the value of the fourth-largest cryptocurrency. According to data from CoinGecko, the price of the BNB token sat just above $600 as of July 22. Unexpectedly, the token’s price fell more than 22% to a low of $464 about two weeks after the burn event. BNB’s value seemed to have crumbled under the bearish climate of the general market. The BNB token has mostly been in a consolidation range over the past few months, mirroring the state of Bitcoin and the general crypto market. Fortunately, the premier cryptocurrency seems to be back in the bullish zone after returning to $70,000 for the first time since June. If the strong positive correlation between BNB and Bitcoin plays out, it means that investors could see Binance’s native token resume its upward trend. Hence, BNB seems to have a positive outlook and could soon reclaim $600, especially if the flagship cryptocurrency remains bullish. BNB Price At A Glance As of this writing, the value of BNB stands around $571.8, reflecting a 0.6% price dip in the past 24 hours. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? Featured image from Shutterstock, chart from TradingView
Markets have started to sell-off, and Bitcoin needs to hold $70,000 for the BTC and altcoin rally to continue.
Changpeng Zhao, the former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, made his anticipated return to the public eye at the Binance Blockchain Week in Dubai on Wednesday. This appearance marks his first since serving four months in prison, which has reshaped his outlook on life and leadership. CZ Reflects On […]
According to the latest report from blockchain security firm Immunefi, the cryptocurrency sector will face persistent challenges with hacks and scams in 2024. The report highlights that although exploit losses have decreased monthly, the industry has seen more than $1.4 billion lost to 179 hacks and scams this year. In October alone, losses amounted to […]
BNB price corrected gains from the $612 level. The price is now showing a few bearish signs while Bitcoin and Ethereum eye additional gains. BNB price started a downside correction from the $612 resistance zone. The price is now trading below $595 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $588 level to start another increase in the near term. BNB Price Dips Again After struggling above $612, BNB price saw a downside correction. The price dipped below the $605 and $600 support levels unlike Ethereum and Bitcoin. There was a move below the $598 and $595 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $565 swing low to the $612 high. There is also a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair. The price is now trading below $595 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $595 level or the trend line. The next resistance sits near the $600 level. A clear move above the $600 zone could send the price higher. In the stated case, BNB price could test $612. A close above the $612 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. More Losses? If BNB fails to clear the $595 resistance, it could start another decline. Initial support on the downside is near the $590 level. The next major support is near the $588 level or the 50% Fib retracement level of the upward move from the $565 swing low to the $612 high. The main support sits at $576. If there is a downside break below the $576 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $588 and $576. Major Resistance Levels – $595 and $600.
Bitcoin’s shallow pullback shows buyers are not rushing to the exit and increases the likelihood of a rebound to new all-time highs. Will altcoins follow?
Solana price hits $180 as Bitcoin storms toward a new all-time high. Data suggests SOL can go higher.
Bitcoin ETFs are recording solid buying, a sign that traders believe to be an indicator that BTC will break through the range highs.
BNB price corrected gains below the $580 level. The price is now recovering higher and facing hurdles near the $590 resistance zone. BNB price started a downside correction from the $600 resistance zone. The price is now trading below $590 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $590 level to start another increase in the near term. BNB Price Aims Fresh Increase After struggling above $605, BNB price saw a downside correction. The price dipped below the $590 and $585 support levels like Ethereum and Bitcoin. There was a move below the $580 and $575 levels. The price even dipped below $572 before the bulls appeared near $590. A low was formed at $565 and the price is now correcting losses. It climbed above the $575 level and the 50% Fib retracement level of the downward move from the $598 swing high to the $565 low. There was a break above a connecting bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair. The price is now trading below $590 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $590 level or the 76.4% Fib retracement level of the downward move from the $598 swing high to the $565 low. The next resistance sits near the $598 level. A clear move above the $598 zone could send the price higher. In the stated case, BNB price could test $605. A close above the $605 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. Another Decline? If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $585 level. The next major support is near the $582 level. The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level. Major Support Levels – $585 and $582. Major Resistance Levels – $590 and $598.