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BNB Price Rally Imminent? Trendline Break Could Ignite Surge To $635

Published

4 months ago

July 17, 2024

Currently, the price of BNB has been attempting a bullish momentum movement toward the bullish trendline. This bullish move which is the second attempt the crypto asset is making after a successful break below the trendline is sparking up optimism among traders and investors alike that a break above could ignite a potential rally toward the $635 resistance mark.

As BNB’s bullish sentiment continues to build, this article aims to analyze its current price actions and technical indicators pointing toward sustained growth to provide readers with adequate insight into BNB’s potential future actions.

BNB’s price is currently trading at around $580, up by 4.15% with a market capitalization of over $85 billion and a trading volume of over $1 9 billion as of the time of writing. In the last 24 hours, there has been a 24-hour increase of %3.82 in BNB’s market capitalization and a 7.89% decrease in its trading volume.

Technical Analysis: Key Trendline And A Potential Rally In Focus

Currently, the price of BNB on the 4-hour chart is trading above the 100-day Simple Moving Average (SMA), attempting an upward move toward the bullish trendline. It can also be observed here that the price of the crypto asset has previously attempted a move on the bullish trendline but enchanters a pullback, which has risen again for a retest.

The 4-hour Composite Trend Oscillator also suggests that the crypto asset may potentially sustain its positive sentiment toward the bullish trendline and aim for the $635 resistance level as the signal line and the SMA of the indicator are still trending in the overbought zone and no cross-over attempt has been made.

On the 1-day chart, the price of BNB is bullish and is attempting a move towards the 100-day SMA and the bullish trendline. Although the crypto asset is still trading below the 100-day SMA, with the momentum the price is building, it could potentially break above the trendline and continue to rise toward the $635 resistance level.

Finally, it can observed that the signal line has crossed above the SMA of the indicator and are both attempting a move out of the oversold zone. With this formation, it can be suggested that BNB may experience more price growth.

Future Outlook: What Lies Beyond For BNB?

BNB is currently attempting a bullish move toward the bullish trendline. If the crypto asset breaks below the bullish trendline, it may start a rally toward the $635 resistance level. A break above this level may trigger a more bullish move for BNB to test the $724 resistance level and other lower levels.

However, if the price of BNB fails to break above the bullish trendline and begins to drop again, it will start to move toward the $500 support level. It could potentially undergo a further drop toward the $357 support level and other lower levels if there is a breach below the $500 support point.

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Altcoins

Solana Overtakes BNB To Claim Coveted 4th Spot In Crypto Ranks

Published

2 weeks ago

November 6, 2024

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They 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 ago

October 19, 2024

admin

Weekly 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.

NFT sales surge to $93m, Ethereum network dethrones Bitcoin - 1 — Source: Blockchains by NFT Sales Volume (CryptoSlam)

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

NFT sales surge to $93m, Ethereum network dethrones Bitcoin - 2 — NFT Collection Rankings by Sales Volume (CryptoSlam)

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 ago

October 11, 2024

admin

BNB 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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