Bulls aim to knock out Bitcoin’s all-time high before the US elections wrap up. Will altcoins follow?
Ethereum price followed the broader crypto market sell-off, but its longer term price weakness is driven by network-specific factors.
Bitcoin bulls are keen to hit $70,000, but a selloff at this level could trigger a sharp downside in BTC and altcoins.
Bitcoin’s rise above $66,500 could open the doors for a rally to new highs and altcoins look set to follow.
Bitcoin and altcoins made a strong comeback on Oct. 11, indicating solid buying at lower levels.
A drop in Ethereum network activity and investors' concerns about the global economy continue to weigh on ETH price.
According to a recent report by Bloomberg, Binance, the world’s largest cryptocurrency exchange by trading volume, is facing significant challenges as its market share continues to decline. In September, Binance’s share of trading volume in the roughly $2 trillion digital asset market fell to 36.6%, down sharply from 42.7% at the start of the year and the lowest level in four years, according to data from CCData. Binance Spot And Derivatives Trading Hits Four-Year Lows The drop in market share is particularly pronounced in both the spot and derivatives trading arenas. Binance’s 27% share of the spot market represents its lowest level since January 2021, while its derivatives trading share stands at 40.7%, also the lowest in four years. Related Reading: Crypto Analyst Maintains $7.50 XRP Target Despite SEC Appeal Against Ripple Per the report, this decline can be attributed to the legal saga that the exchange has been experiencing globally since last year, but particularly in the US, which has not only had a notable impact on the exchange’s financial metrics, but has also led to changes in its leadership. The company has been under increased scrutiny globally, following a settlement with the US Department of Justice (DOJ) last year over serious charges, including sanctions violations, which resulted in a hefty $4 billion fine. The fallout from these regulatory actions included the resignation of co-founder and former CEO Changpeng Zhao (CZ), who served four months in prison as part of the proceedings. However, the former CEO was released by US authorities last Friday after serving his sentence. In an effort to rebuild trust and navigate the regulatory landscape, Binance appointed Richard Teng, a former regulator, as its new CEO. Teng has been actively engaged with regulators investigating Binance in various jurisdictions, while also appointing a new board of directors and the intentions of establishing a new headquarter. Centralized Crypto Exchanges Face 17% Volume Drop The report further highlights that the broader market for centralized crypto exchanges is also facing challenges, with combined spot and derivatives trading volumes dropping 17% in September. However, this decline is typical for the month, which is often seasonally weak, but it has resulted in the lowest monthly trading activity since June. Notably, Binance has seen the most severe market-share decline among top exchanges, as competitors such as Bybit, Bitget, and Crypto.com have begun to capture a larger share of the market. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Jacob Joseph, a senior research analyst at CCData, noted that this trend may indicate a growing confidence among crypto participants in alternative platforms that “offer similar user experiences,” including low trading fees, minimal slippage, and high market liquidity. Despite the challenges, Binance recently achieved a significant milestone, becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume, according to CCData. At the time of writing, the exchange’s native token, BNB, currently the fourth largest cryptocurrency on the market, is trading at $545, up just 1% in the last 24 hours amid the broader market decline. Featured image from DALL-E, chart from TradingView.com
Selling from ETH ICO participants and a lack of demand for the spot Ether ETF could be contributing to Ethereum’s price downside.
Altcoin prices crumbled as Bitcoin fell to $60,000, but charts suggest buyers could step in soon.
An uptick in Solana’s network activity and upcoming project launches could send SOL price higher.
According to a Bloomberg report, Changpeng Zhao (CZ), co-founder and former CEO of Binance, was released from a US correctional facility on Friday, September 27th. CZ, who was sentenced to four months in prison in April 2024, was originally supposed to regain his freedom on Sunday, 29th of September. As reported by Bitcoinist, federal guidelines […]
According to a previous Forbes report, Zhao and Binance collectively hold 71% of the roughly 146 million BNB tokens in circulation.
Bitcoin’s break above $65,000 and solid buying in-the-spot BTC ETFs have traders convinced that the bull market is back in full swing.
BNB bullish rally has hit a wall as the $600 resistance level proves to be a formidable barrier. After an impressive upward run, momentum has stalled, and downside pressure is starting to build. While bulls are struggling to regain control, the bears are gaining confidence, signaling a potential shift in market direction. With the rally halted and key support levels under threat, BNB is now facing an increased risk of a pullback, leaving traders on edge as the price hovers at this crucial threshold. As BNB faces the formidable $600 resistance, the aim is to analyze the mounting pressure that has halted its recent rally. We will explore the technical indicators that signal a potential downturn, market sentiment, and potential price movements as the bulls fight to regain control. Risk Assessment: Evaluating The Downside Potential Despite BNB’s price trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which typically signals a positive trend, the cryptocurrency has faced significant resistance at the $600 mark. This resistance has resulted in a noticeable pullback, indicating that upward momentum falters as sellers capitalize on the current price level. An analysis of the 4-hour Relative Strength Index (RSI) suggests a potential price drop as the RSI line is dropping from the overbought zone toward the 50% threshold, reflecting rising bearish pressure for the cryptocurrency that might push the price toward $537. Related Reading: BNB Price Surge Eyes $550 Breakout: Can It Push Higher? Also, on the daily chart, BNB is currently showing bearish momentum as it drops toward the $537 mark. Since breaking above the 100-day SMA, the price has experienced a consistent upward trend without any significant pullbacks, indicating that a huge correction may be on the horizon. Finally, on the 1-day chart, a comprehensive analysis of the RSI signal line reveals a recent decline to 68% after peaking at 72%. This movement suggests a shift in momentum, signaling that BNB is entering a consolidation phase or facing increased selling pressure, which could lead to additional price corrections. Future Outlook: What Lies Ahead for BNB? Although the cryptocurrency has demonstrated resilience by maintaining its position above key moving averages, the increasing bearish pressure and recent pullbacks indicate that BNB’s price could decline toward the $537 support level. If it reaches this point and manages to break below, this could trigger a further drop toward other support levels, heightening concerns among traders about the potential for extended downward momentum. Related Reading: BNB Weekly Active Addresses Surge Over 6% – Is A Rally On The Way? Alternatively, if the bulls can stage a recovery before BNB reaches the $537 support level, the price could begin to rise again toward the $600 resistance. A breakout above this key level may open the door for more gains, with BNB likely testing higher resistance points as bullish momentum builds. Featured image from iStock, chart from Tradingview.com
BNB price started a fresh increase above the $550 resistance zone. The price is now consolidating near $600 and might aim for more gains. BNB price started a fresh increase above the $550 resistance zone. The price is now trading below $580 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $575 level to start another increase in the near term. BNB Price Extends Rally In the past few days, BNB outperformed Ethereum and Bitcoin. It remained stable above $535 and started another increase above the $542 resistance zone. There was a move above the $550 and $565 resistance levels. The price even surged above $580 and tested the $600 resistance zone. A high is formed at $599.7 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $576 swing high to the $600 high. The price is now trading below $585 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $576 swing high to the $600 high. If there is a fresh increase, the price could face resistance near the $600 level. The next resistance sits near the $608 level. A clear move above the $608 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $635 resistance. Any more gains might call for a test of the $650 level in the near term. Are Dips Supported? If BNB fails to clear the $600 resistance, it could start a downside correction. Initial support on the downside is near the $588 level. The next major support is near the $585 level and the trend line. The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $560 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 bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $585 and $575. Major Resistance Levels – $600 and $608.
Bitcoin faced selling near $64,000, but buyers have managed to keep the price above the short-term holder realized price near $62,000, which is a positive sign.
Bitcoin faced selling near $64,000, but buyers have managed to keep the price above the short-term holder realized price near $62,000, which is a positive sign.
Recent price movement reveals that BNB has surged past a critical barrier, clearing the 100-day Simple Moving Average (SMA) and signaling renewed bullish momentum. With this breakout, BNB bulls are setting their sights on the $605 resistance level, as market sentiment strengthens around the potential for further gains. The move above the 100-day SMA has sparked optimism, hinting at the possibility of a sustained rally as BNB looks to capitalize on this momentum and break through key price targets. The goal of this analysis is to highlight BNB’s recent surge above the 100-day Simple Moving Average (SMA) and evaluate the potential for continued positive movement toward the $605 resistance level. By examining current market dynamics and technical signals, this analysis aims to provide insight into whether BNB can maintain its upward momentum and achieve a significant breakout in the coming sessions. Rallying Strength: Analyzing BNB’s Surge Above The 100-Day SMA On the 4-hour chart, BNB has demonstrated sustained positive momentum after successfully breaking above the 100-day Simple Moving Average (SMA). This significant breach has not only triggered a shift in market sentiment but set the stage for a bullish trajectory as BNB rises toward the $605 mark. BNB’s ability to maintain above this key technical level reflects growing confidence among traders, suggesting that the upward movement may continue. Additionally, the Relative Strength Index (RSI) on the 4-hour chart has climbed above the 50% threshold, currently sitting at 69%. This upward movement in the RSI indicates that bulls are firmly in control, as the index approaches overbought territory. If selling pressure remains subdued, there is potential for an extended increase in BNB’s price, signaling a strong bullish trend ahead. Related Reading: BNB Weekly Active Addresses Surge Over 6% – Is A Rally On The Way? On the daily chart, BNB is maintaining an upswing toward the $605 resistance level while trading above the 100-day Simple Moving Average (SMA). The price has printed multiple candlesticks above this key indicator, underscoring the strong buying pressure from investors and indicating a solid sentiment in BNB’s potential for continued growth. Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that BNB could sustain its bullish trend toward the $605 resistance mark as the signal line of the indicator has risen above 50% and is currently attempting a move towards the 70% threshold. What’s Next For BNB As Resistance Beckons With strong buying interest and positive market sentiment, BNB is gearing up to reach the $605 resistance level. When BNB breaks above this point, it could lead to more gains, aiming for the $635 resistance zone and beyond. Related Reading: BNB Price Struggles to Hold $500: Is a Breakout Coming? However, the altcoin may face a pullback toward the $537 support mark if the momentum falters and fails to surpass this level. A decline below this support could lead to additional drops, with the price potentially testing the $500 support range and other lower levels. At the time of writing, BNB was trading at approximately $575, reflecting a 3.05% increase over the past day. Its market capitalization was around $84 billion, with trading volume surpassing $1.9 million, showing increases of 3.05% and 9.81%, respectively. Featured image from Adobe Stock, chart from Tradingview.com
ETH price struggles to find reasons to rally after the network’s DApp volumes drop and Ether languishes near the $2,250 support.
ETH price struggles to find reasons to rally after the network’s DApp volumes drop and Ether languishes near the $2,250 support.
BNB price started a fresh surge above the $525 resistance zone. The price is now consolidating gains and might aim for more gains above $550. BNB price started a fresh increase above the $525 resistance zone. The price is now trading below $535 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $525 pivot level to start another increase in the near term. BNB Price Settles Above $525 In the last analysis, we discussed the chance of more gains in BNB price above the $525 resistance. The price outperformed Ethereum and Bitcoin. It surged above the $525 and $535 levels. It even tested the $550 resistance zone. A high was formed at $549.5 and the price started a downside correction. There was a move below the $545 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $507 swing low to the $549 high. The pair is now trading above $535 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $548 level. The next resistance sits near the $550 level. A clear move above the $550 zone could send the price higher. In the stated case, BNB price could test $562. A close above the $562 resistance might set the pace for a larger move toward the $580 resistance. Any more gains might call for a test of the $585 level in the near term. Are Dips Limited? If BNB fails to clear the $550 resistance, it could start another decline. Initial support on the downside is near the $540 level and the channel trend line. The next major support is near the $525 level or the 61.8% Fib retracement level of the upward move from the $507 swing low to the $549 high. The main support sits at $520. If there is a downside break below the $520 support, the price could drop toward the $505 support. Any more losses could initiate a larger decline toward the $500 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 above the 50 level. Major Support Levels – $540 and $525. Major Resistance Levels – $548 and $550.
BNB price started a fresh increase and cleared the $500 pivot zone. The price is now consolidating gains and might aim for more gains above $525. BNB price started a fresh increase above the $500 resistance zone. The price is now trading below $510 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $500 pivot level to start another increase in the near term. BNB Price Settles Above $500 After forming a base above the $470 level, BNB price started a fresh increase like Ethereum and Bitcoin. The price was able to climb above the $488 and $500 resistance levels. It even cleared the $515 level and tested $525. A high was formed at $526 and the price started a downside correction. There was a move below the $520 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $471 swing low to the $526 high. Besides, there was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $518 level. The next resistance sits near the $525 level. A clear move above the $525 zone could send the price higher. In the stated case, BNB price could test $535. A close above the $535 resistance might set the pace for a larger move toward the $550 resistance. Any more gains might call for a test of the $562 level in the near term. Another Decline? If BNB fails to clear the $525 resistance, it could start another decline. Initial support on the downside is near the $510 level. The next major support is near the $500 level. The main support sits at $492. If there is a downside break below the $492 support, the price could drop toward the $470 support. Any more losses could initiate a larger decline toward the $450 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 above the 50 level. Major Support Levels – $510 and $500. Major Resistance Levels – $518 and $525.
Bitcoin’s failure to maintain above $60,000 is pulling altcoin prices toward their recent swing lows. What will it take to turn the market around?
Bitcoin’s fall below $60,000 signals near-term weakness, but longer-term investors continue withdrawing coins from exchanges, signaling a bullish outlook.
Bitcoin and altcoins are witnessing some profit taking today, but the overall uptrend remains intact.
The total value locked on Solana has surged, but is this enough to send the SOL price to a new all-time high?
The spot Bitcoin ETFs have continued to attract inflows, suggesting that the long-term bullish view remains intact.
Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
Analysts forecast $300 to $1,000 SOL, but network data suggests that a rally to $190 is a more realistic expectation.