Connect with us

Altcoin

Can Binance Coin hit $40? BNB faces last hurdle before all-time highs

Published

on


In recent weeks, most of the cryptocurrency market has been doing poorly except for a few select altcoins. One of them is Yearn.finance (YFI), which was discussed in an earlier article. The other large-cap cryptocurrency doing well is Binance Coin (BNB), as the token of the cryptocurrency exchange dropped to $18 and immediately ran to $32 within one week. 

This is a rally of 80% in a matter of days and, therefore, ripe for technical analysis to gauge where BNB may be headed next. 

Crypto market daily performance. Source: Coin360

Binance Coin faces final resistance before test of all-time highs 

BNB/USDT 3-day chart. Source: TradingView

The 3-day chart of Binance Coin is showing a massive surge in the past week and some beautiful technical analysis.

Due to the dropdown of Bitcoin (BTC), the price of Binance Coin dropped severely, as the level at $18 saw a test of this support.

This level at $18 continued to hold support, after which a massive jump occurred. This push upward was partially caused by the announcement that Binance is entering the DeFi space as well as the CEO of Binance urging Ethereum-based projects to join the new Binance Smart Chain platform.

As a whole, the bounce from $18 towards $25 caused the price to break through the $25 resistance level. 

The chart shows that the next resistance zone is found between $32-35 and that’s the area that’s currently being tested by the fifth-ranked cryptocurrency by market capitalization. 

If the price of Binance Coin breaks above this red area, a test of the all-time high levels seems very likely. However, it’s the first time that the cryptocurrency would test this red area, which means that a breakout in one-go is less likely as sellers should step in.

BNB/BTC breaks above 100-day and 200-day MAs

BNB/BTC 1-day chart. Source: TradingView

The BTC pair of Binance Coin shows a precise construction that was broken to the upside. 

A similar scenario was seen around December 2018 with a breakout above the 100-day and 200-day moving averages (MAs) caused the price to rally substantially.

In recent weeks, a similar scenario occurred as the MAs lined up nicely together and were flipped from resistance to support.

Additionally, the crucial resistance zone at 0.00022500 sats finally broke, which led to another chain reaction and continuation of the price to surge higher. 

BNB/BTC 1-day chart. Source: TradingView

The price of Binance Coin has been hovering against the 0.00022500 sats range for more than twelve months, as several tests failed to break through the resistance zone. 

The recent test led to a strong breakout, resulting in the start of a new impulse move — a very similar price move as the one at the beginning of 2019.

Can Binance Coin rally towards $35?

BNB/USDT 2-hour chart. Source: TradingView

The 2-hour chart of Binance Coin is showing a clear structure. The crucial support area at $28 was held as support, after which a new higher high was printed. 

However, the previous resistance zone at $31 should continue to sustain support. If that occurs, a potential target of $35 is on the tables. If the structure in itself continues to paint an upward trend, a possible test of the all-time high is also likely.

But if the price of Binance Coin drops below $31, traders should expect a test of potential support zones at $28 and $26. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.





Source link

Altcoin

China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

Published

on

By



This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

So low you’ve got to reach up to touch the bottom

This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up shop in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can remain close to China, while mitigating their regulatory risk. Reading between the lines, it seems like the plan is to mostly continue administration of the company from China while sending the machines overseas.

This would put a wrench in the works of the Bitcoin purists who believe that the crackdowns are a good way to break up China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that the shift to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that translates roughly to ‘de-China-ization’, but the article holds even less weight when large mining companies like Canaan are able to shift physical equipment overseas but still remain in control of the governance.

Too big for postage stamps

On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms worth of mining hardware to Maryland, US. According to her claim, the price was $9.37 per kilogram. Some quick math reveals that the total cost would be less than the price of one Bitcoin, at least at the time of writing.

Bitmain lends a helping hand

Cointelegraph reported on June 23 that massive mining company Bitmain was suspending sales of mining hardware in a move to support the over-supplied secondhand markets. According to the article, sales of hashing power in China has seen a decrease of around 75% since the Spring. Bitmain is reportedly moving operations abroad as well, which would be a major move for the hardware manufacturing giant.

Mine-ami

Francis Suarez, everyone’s favorite Bitcoin-friendly mayor, was at it again on June 18 when he announced that all Chinese Bitcoin miners were welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 comments from surprised netizens. Most of these user comments were negative in nature however, both towards Suarez and Bitcoin in general. A large portion of Weibo users hold cryptocurrencies in ill-regard, especially those that have been investing in the stagnant Chinese stock market.

Amber is the color of your energy

Amber, a cryptocurrency service provider based in Hong Kong, completed a Series B funding round worth $100m. Amber is well known among institutions for their financial services that include asset management, OTC services and lending.

Alipay’s foray into NFTs

Top payment processor Alipay continues to push its AntChain technology by partnering with the Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous for being an old silk road outpost and is home to Mogao Caves, a Unesco Heritage site. The NFTs featured artwork inspired by the cultural site and quickly sold out. AntChain is a private blockchain developed by Alibaba’s Ant Group.





Source link

Continue Reading

Altcoin

Klaytn death cross debut coincides with a 57% KLAY price pump

Published

on

By


Bids for Klaytn’s native cryptocurrency KLAY spiked on Thursday after the South Korea-based public blockchain project confirmed its listing on Binance, one of the world’s top cryptocurrency exchanges by volume.

The KLAY/USDT exchange rate surged 41.25% to an intraday high of $1.243. The pair’s massive move uphill accompanied a dramatic intraday spike in trade volumes — 28.68 million so far into Thursday versus 13.05 million in the previous session, validating the bullish sentiment across the Klaytn market.

Profit-taking sentiment pushed KLAY prices lower after it reached $1.243. Source: TradingView.com

The gains came on the prospect of Klaytn’s global expansion after its addition on Binance. So far, the option to trade spot KLAY was majorly available across heavily-regulated South Korean exchanges — particularly Bithumb — thanks to Klaytn’s affiliation with the regional internet giant Kakao.  

Binance’s listing would introduce KLAY to wider markets, Klaytn recognized in the official announcement, adding that they would introduce a launchpool through which Binance users can stake Binance Coin (BNB) or Binance USD (BUSD) to farm KLAY tokens.

“With the official introduction of KLAY on Binance, Klaytn expects to accelerate its global expansion, inviting global developers and service providers to participate in its ecosystem.”

The news of Binance-Klaytn partnership came just as KLAY was bouncing off its six-month low level of $0.72. In turn, the rebound followed a 83.45% price crash from KLAY’s mid-April peak of $4.35. As a result, the latest 57% spike from $0.72 to $1.243 did little in taking KLAY out of its prevailing bearish bias.

Atop that, the token painted a death cross on its daily timeframe chart.

KLAY’s 50-day simple moving average is set to cross below its 200-day simple moving average. Source: TradingView.com

In detail, a death cross occurs when an asset’s short-term moving average closes below its long-term moving average. Traders interpret the said crossover as a signal to limit their upside bias in a market and/or increase their bearish bets.

The 50-200 moving average crossover particularly has been proven to be a reliable forecaster of some of the most severe bear markets of the past century: in 1929, 1938, 1974, and 2008, according to Investopedia.

If past is any signal, the Klaytn token could face further downside corrections once the Binance listing hype settles.

The Bitcoin Factor

Meanwhile, KLAY’s medium-term bias also depends on how Bitcoin (BTC) performs in the coming daily sessions.

The chart below shows how KLAY has erratically tailed Bitcoin price trends in the recent history. For example, both the assets topped out in mid-April with a slight lag. Meanwhile, they recently bottomed out with just a 24-hour difference, hinting that, in the future, they would keep trending hand-in-hand.

Bitcoin and KLAY price trends since the beginning of 2021. Source: TradingView.com

But that is not good news for KLAY.

Oleg Belousov, founder and CEO of cryptocurrency exchange N.Exchange, told Cointelegraph that he expected Bitcoin to fall towards $20,000, citing China’s renewed crackdown on the cryptocurrency sector.

“There are concerns that more countries will follow in China’s footsteps and join the ban, which will cause a further drop in rates,” he said.

Belousov added that Bitcoin still has hopes in countries that are democratic and constitutional, stating that they can’t legally ban cryoto.

Meanwhile, technical chartists said that the recent upside reversal in the Bitcoin market is a signal that the cryptocurrency would move higher. 

If the correlation stands, KLAY could head higher, as well.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.