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TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

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Ta- Binance Coin Price Fails To Break $337, Have Bulls Given Up?
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The price of Binance Coin (BNB) has struggled to break above $337 against Tether (USDT) after being rejected from that region.  

Binance Coin price in the past few weeks outperformed the price of Bitcoin (BTC) but has not been able to match the strength it has shown earlier to break above this resistance and trend higher. 

Binance Coin (BNB) Price Analysis On The Weekly Chart

Weekly BNB Price Chart | Source On

From the chart, the price of BNB saw a weekly low of $209, which bounced from that area and rallied to a price of $337 after showing great recovery signs in recent weeks. 

BNB’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish for the price of BNB as it continued to decline in price to a region of $303 after facing rejection from the $337 mark. 

The price has struggled to build more momentum as it tries to hold key support.

If the price of BNB on the weekly chart continues with this structure, it could quickly revisit  $290 acting as a support for the price of BNB.

Weekly resistance for the price of BNB – $337.

Weekly support for the price of BNB – $290.

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

1660851333 306 Ta Binance Coin Price Fails To Break 337 Have Bulls
Daily BNB Price Chart | Source On

The price of BNB found strong support at $280 above a trendline after successfully forming a bullish structure, the support at $280 seems to be an area of interest on the daily chart.

BNB bounced from its support and rallied to $337 where it was faced with resistance and was rejected from that region.

The price of BNB has continued to be above a trendline acting as support after being rejected from the $337 mark.

At the point of writing, the price of BNB is at $303, above the 50 Exponential Moving Average (EMA) which corresponds to $290.

BNB needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BNB to $240.

The Relative Strength Index (RSI) for the price of BNB on the daily chart is above 50.

Daily (1D) resistance for BNB price – $337.

Daily (1D) support for BNB price – $290.

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

1660851333 796 Ta Binance Coin Price Fails To Break 337 Have Bulls
Four-Hourly BNB Price Chart | Source On

The price of BNB continues to look bullish and holds above the 200 EMA price corresponding to $295 after breaking below the 50 EMA.

On the 4H timeframe, the 200 EMA is acting as a support for the price of BNB.

If BNB fails to hold the support region we could see the price retesting the region of $250 as the next support area to hold the BNB price.

Four-Hourly (4H) resistance for BNB price – $337.

Four-Hourly (4H) support for BNB price – $290.

Featured image from zipmex, Charts from 
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Cardano Price Misses Fireworks On Its Birthday, Will ADA Fall?

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Cardano Price Ada Adausdt
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The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses.

At the time of writing, the Cardano price trades at $0.43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment.

Charles Hoskinson Celebrates, While The Cardano Price Stalls

The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS).

“The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally.

In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants.

Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception:

There are over 3,228 smart contracts to our knowledge that have been deployed on Cardano, and as of September 15, 2022, 50 million transactions. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…)

Who Is Contributing With The Selling Pressure For The Cardano Price?

The Cardano price has been stuck in its current levels forming a channel with a bottom at $0.43 and a top at $0.51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for $0.51 or beyond if the momentum allows it.

ADA’s price forms a channel on the 4-hour chart, can it bounce from these levels? Source: ADAUSDT Tradingview

However, with the crypto market showing weakness and with current macro conditions proving unfavorable for risk-on assets, ADA might break out of this channel and trend lower. In order to prevent this scenario, the Cardano price must stay above $0.41.

Data from Material Indicators shows that investors with selling orders of $1,000 to $10,000 have been dumping ADA over the past weeks. In addition, the Cardano price has seen low buying pressure from other investors. This status quo must change to support the price and aim for $0.51.

Cardano Price Ada Adausdt Chart 3
Investors with selling orders of $1,000 to $10,000 (green and red in the chart) selling into ADA’s price action. Source: ADAUSDT Tradingview

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Blockchain Acquires French Regulatory Approval

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on Acquires French Regulatory Approval
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