bnb
BNB Eyes $605 After Breaking Key Resistance
Published
4 months agoon
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adminBNB has demonstrated significant bullish momentum, with a positive candlestick crossing the 100-day Simple Moving Average (SMA) in the 4-hour timeframe. The previous market scenario reveals that the digital currency has faced multiple rejections at the $572 level.
This persistent resistance has cleared a path for the bulls to take charge and drive the price higher aiming at the $605 resistance level. As market dynamics shift, the key question is whether BNB can continue its current upward trend and hit the new target of $605.
In this article, we will analyze the recent price movements of BNB using technical indicators to determine whether the price can sustain its momentum to reach $605 or decline back to $572.
Technical Analysis Indicates Potential Rise To $605
Technical analysis reveals that the price of BNB has successfully crossed above the 100-day Simple Moving Average (SMA) on the 4-hour chart, indicating a potential bullish trend and increased buying momentum. This position indicates that BNB’s price could continue rising as long as it remains above the SMA.
On the 4-hour chart, the Relative Strength Index (RSI) signal line has successfully risen above 50% into the overbought zone, signaling a potential shift in momentum, which suggests that buying pressure is increasing and the asset might experience further upward movement towards the $605.6 level.
Meanwhile, on the daily chart of BNB, the price is attempting to break above the 100-day SMA. A successful cross above this key technical level could signal potential bullish momentum. If BNB maintains its position above the 100-day SMA, it might trigger a sustained uptrend and greater investor confidence.
Also, the RSI indicator is trading above 50%, further supporting the possibility of a bullish trend, indicating that buying pressure is currently stronger than selling pressure. BNB’s 1-day chart shows that a bullish engulfing candlestick has formed following the rejection at $572. This pattern demonstrates a potential trend reversal and could make the $605 target achievable.
Key Levels To Observe When BNB Reaches $605 Resistance
BNB is on a bullish trajectory, targeting the $605 resistance level. If the price of BNB breaks and closes above the $605 level, it may continue its rally toward the next resistance level at $635 and possibly other levels beyond.
Nonetheless, should the digital asset face rejection at $605 and fail to break above it, a potential downward move could follow, possibly retreating to $572. The $572 level could act as a key support zone, where the price may stabilize or consolidate. However, if $572 fails to hold, a deeper correction could occur to lower support ranges such as $553.3 and $500.
As of the time of writing, BNB’s price has risen by 2.09%, trading at approximately $585 in the past 24 hours. The cryptocurrency boasts a market capitalization exceeding $85 billion and a trading volume surpassing $1.8 billion, indicating an increase of 2.09% and 3.57% respectively over the same period.
Featured image from Adobe Stock, chart from Tradingview.com
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Solana Overtakes BNB To Claim Coveted 4th Spot In Crypto Ranks
Published
2 weeks agoon
November 6, 2024By
adminThey say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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Bitcoin
NFT sales surge to $93m, Ethereum network dethrones Bitcoin
Published
1 month agoon
October 19, 2024By
adminWeekly non-fungible token sales volume has surged 22.5% and now stands at $93 million, per the latest data.
As the crypto market shows slow signs of recovery, the NFT market enjoys an uptick in volume and other metrics. Here’s a small glimpse:
- NFT sales volume pumped to $93 million from last week’s $77.6 million.
- The Ethereum (ETH) network has dethroned the Bitcoin (BTC) network in terms of volume.
- NFT buyers almost doubled from last week’s 263,804 to 494,666.
- The number of NFT sellers also witnessed a 108% surge and stands at 252,401.
Ethereum vs. Bitcoin
Bitcoin, which has been maintaining its top position, has been dethroned by Ethereum in terms of sales volume in the last seven days.
Ethereum NFT sales volume has surged from last week’s $26.6 million. The sales have seen an uptick by over 30% and stand at $33.4 million at press time.
Bitcoin has also exhibited a 36% surge, with the weekly sales volume standing at $21.6 million.
However, when it comes to Ethereum, $5.3 million of the volume accounted for wash trading. This is considerably higher compared to Bitcoin’s wash trading of $902,000.
Cryptoslam data shows that Solana (SOL) has stood robust in its third position, just like last week. Solana’s weekly NFT sales volume stood at $16.6 million.
Mythos Chain (MYTH) and Polygon (POL) earned the next two positions in the leaderboard with $5.5 million and $3.9 million in sales, respectively.
Concerning the number of NFT buyers, Solana has maintained its dominance at 192,543. This is a considerable 220% surge from last week’s 60,115.
DMarket maintains its first position for over three weeks
Just like the last two weeks, DMarket maintains its ranking with the highest sales — $5.2 million. However, the sales are down by almost 30% from last week’s $8.02 million.
Uncategorized Ordinals is second on the list with $4.86 million in sales. This NFT collection has seen an 1,800% surge in sales in the last seven days.
According to Cryptoslam, these are the top NFT sales from the last seven days:
- Ordinal Maxi Biz (OMB) #882b65…a96ei0 sold for $109,079 (1.5942 BTC).
- Ordinal Maxi Biz (OMB) #32b13f…6c26i0 sold for $91,085.87 (1.3371 BTC).
- Ordinal Maxi Biz (OMB) #591165…c718i0 sold for $87,895.17 (1.2857 BTC).
- CryptoPunks #6409 sold for $79,237.16 (29.99 ETH).
- CryptoPunks #8135 sold for $78,503.09 (29.75 ETH).
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Bearish Candlesticks
BNB Under Siege: Failed Recovery Sparks Fears of Deeper Losses
Published
1 month agoon
October 11, 2024By
adminBNB finds itself under renewed selling pressure as a recent recovery attempt falls short, leaving the cryptocurrency vulnerable to further losses. Despite a brief upward movement, BNB’s failure to break through key resistance levels has sparked concerns about a deepening decline. With technical indicators signaling potential weakness ahead, the question now is whether the token can regain its footing or if further losses are inevitable.
As bearish sentiment intensifies, this analysis aims to evaluate the technical indicators signaling weakness in BNB’s price action and assess whether the asset can stage a recovery or face more declines. By exploring key support levels, market sentiment, and price trends, the goal is to determine BNB’s next move and the likelihood of a bullish reversal or sustained bearish momentum.
Key Technical Indicators Flash Warning Signs
BNB has recently entered pessimistic territory on the 4-hour chart, dipping just below the 100-day Simple Moving Average (SMA) and approaching the crucial $531 support level. This drop below the 100-day SMA indicates weakening strength, and with sellers taking control, the cryptocurrency faces the potential for more losses.
An analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line has dropped below the 50% threshold toward 42%, suggesting that buying pressure is waning, as the RSI moves deeper into bearish territory. Typically, an RSI reading below 50% implies that sellers are gaining control, which could lead to downward pressure on the price.
After facing resistance at $587, BNB has shown significant downbeat movement on the daily chart, marked by the formation of a strong bearish candlestick. The price has now fallen toward the 100-day SMA, signaling mounting selling pressure. If the negative trend continues, BNB may experience additional declines, leading to a reduction in buying interest.
Furthermore, a closer look at the RSI on the 1-day chart shows that the signal line has once again dropped below the 50% threshold, now sitting at 48%, after previously rising above it. Unless the bulls step in to shift momentum, the market could be set for more drops, as the current RSI level suggests weakening buying strength and heightened bearish control.
Trading Strategy: Navigating BNB Bearish Pressure
BNB’s recent price action indicates potential continued declines if downbeat momentum intensifies. If the price hits the critical $531 mark and closes below it, this could pave the way for further losses, possibly driving the asset down toward the $500 level.
However, should buyers step in and regain control at the $531 level, there is a chance for a bullish reversal and the price will start moving upward toward the 605 resistance level, especially if the RSI shows signs of recovery.
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