Connect with us

Blockchain

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

Avatar Of Rajesh Khanna

Published

on

Ta- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
google news

The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the Consumer Price Index (CPI) announcement. The CPI tends to provide a gauge as regards inflation in the economy while instigating BTC prices and other altcoins.

Bitcoin’s (BTC) price saw a pullback from $24,200 to $22,800 despite showing signs of a relief rally but was faced with resistance to breakout. Despite the shake-out, the price of the Binance coin remained strong. (Data feeds from Binance)

Price Analysis Of BNB On The Weekly Chart

Weekly BNB Price Chart | Source: BNBUSDT On Tradingview.com

From the chart, the price of BNB saw a weekly low of around $210, which bounced from that area and rallied to a price of $330.

The price has built more momentum as it faces resistance at $336.

If the price of BMB on the weekly chart continues with this bullish structure, it could quickly revisit  $450.

Weekly resistance for the price of BNB – $336.

Weekly support for the price of BNB – $300, 210.

Price Analysis Of BNB On The Daily (1D) Chart

1660153759 522 Ta Binance Coin Continues To Look Strong Despite Altcoins Shakeout
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB found strong support at around $270, with what seems to be an area of interest on the daily chart.

BNB bounced from its support, forming a trendline as it faces resistance to break above $336.

At the point of writing, the price of BNB is at $333, trying to break the resistance at the $336 area. 

If the price of BNB breaks above the $336 resistance with good volume the price of BNB could rally to a high of $450.

The trendline formed by BNB acts as the support and area of interest for subsequent buy bids. A break of this trendline below invalidates the setup.

With more buy bids, and the positive CPI announcement we could see the price of BNB trending higher. 

The RSI for the price of BNB on the daily chart is above 70, indicating healthy buy bids for BNB.

The volume for BNB indicates buy bids, this shows bulls would want to push the price higher.

 

Daily (1D) resistance for BNB price – $336.

Daily (1D) support for BNB price – $270, $220.

Price Analysis OF BNB On The Four-Hourly (4H) Chart

1660153759 18 Ta Binance Coin Continues To Look Strong Despite Altcoins Shakeout
Four-Hourly BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB has continued to maintain its bullish structure despite retracing to its trendline support on the 4H chart, as the price faces resistance at $336.

BNB price is $333, trading above the 50 and 200 EMA with prices of $310 and $280 on the 4H chart. These prices would act as support areas for BNB on the 4H chart.

Four Hourly (4H) resistance for BNB price – $336.

Four hourly (4h) support for BNB price – $310, $280.

With the positive CPI news, the price of BNB could break the resistance and would trend higher.

 

 

Featured image from Bitnovo, Charts from TradingView.com 
google news
Advertisement

Blockchain

Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Avatar Of Rajesh Khanna

Published

on

Crypto
google news

Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

google news
Continue Reading

Blockchain

Solana Outage Becoming a Recurring Event Worrying Investors

Avatar Of Rajesh Khanna

Published

on

Solana Achieves 100 Billion Transactions Milestone
google news