Binance Coin [BNB], the native token to the most reputed cryptocurrency exchange on the planet, has enjoyed a positive 2019 owing to a slew of developments emanating from the exchange. In April, the cryptocurrency broke its all-time-high [ATH], elevating it to a league of its own. However, the question remains, will this bullish high for BNB sustain itself?
A recent analysis by Zerononcense’s CryptoMedication aims to address that very question. For this analysis, the author used the BNB/USDT pairing, and not one with a fiat currency.
Primarily, the analysis looked at the volume of the cryptocurrency on its parent exchange, Binance, over the past few days. Describing the same as “crazy,” the report added that when one zooms out of the chart, the market is quite ‘obviously bullish.’
This would imply that the outranking green candlesticks are higher than their corresponding red candlesticks, while the drawdowns have been “far and few in between.” CryptoMedication, looking at volume, stated,
“There’s mostly just been brief periods of correction/consolidation before further advances in price action. “
Towards the close of 2018, when the market was in the middle of the crypto-winter, the analysis states that at this point, the diagonal support began forming. Additionally, an “intermediate support point” was also found, primarily in the near term, if the price failed to consolidate.
Considering February’s price action, the analysis stated that the cryptocurrency is “in the midst of a bull flag,” which is a total of consolidation and continuation. CryptoMedication stated that if this “bull flag” prolongs then,
“If this is the case, then it is only a matter of time before $BNB continues on its ferocious tear.”
The author does level the point of a bearish swing post the flag. However, he contends that with the performance of the cryptocurrency over the past few months, there is “hardly any reason to suggest that it will not continue on this path for the foreseeable future.”
In order to detect the same, the analysis migrated to BNB/BTC from their stablecoin pairing.
Using Fibonacci Retracement for Binance Coin from the all-time low to the ATH, the support point was identified at 35 satoshis, or 11.4 percent below the price of $31.24, at press time.
Given these findings, the analysis highlighted that there does exist a “bullish bias.”
The analysis read,
“Without any plausible reason to suggest that $BNB is going to stop its run at any point in the near future (on any of the longer time frame charts; daily/weekly/etc.), it seems most prudent to employ a bullish bias on this one. “
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Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit
Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.
The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.
The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,
“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”
The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.
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