The Ghanaian cedi recently plunged to a record low, trading at GHS 14.9335 against the U.S. dollar, which led to its designation as the fourth-worst-performing currency globally. Additionally, a decline in cocoa production has further complicated matters for the cedi, a currency previously ranked as the world’s worst-performing during the last quarter of 2022. Cedi […]
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Gold Rush Hits Seoul Streets: Gold Bars Now Sold in Vending Machines
Vending machines in Seoul, South Korea, are revolutionizing the traditional concept of buying gold by offering gold bars in various sizes. Situated within convenience stores throughout the affluent Gangnam district and other areas, these machines meet the growing demand for micro-investments among South Koreans. Available in sizes as small as 0.5 grams and priced at […]
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BNB Soars to New Heights: Hits New All-Time High of $708
Binance Coin (BNB) has reached a new all-time high (ATH) of 8 at the time of writing, following a 12% increase in price. BNB is the native cryptocurrency of the Binance platform, one of the largest and most popular cryptocurrency exchanges in the world. It was launched in July 2017 and is used for various […]
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BNB ‘Extremely Bullish’: Analyst Targets $1000 Breakout As It Hits New Yearly High
Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange, has experienced a notable surge of 7% within the past 24 hours.
This upward movement reflects the overall positive trend in the market and places BNB ahead of the top five cryptocurrencies in terms of performance. Interestingly, an important milestone has been achieved as BNB surpassed its previous yearly high of 5 from March, as the token reached a high of 3 as of Tuesday.
BNB Primed For Bullish Surge To ,000?
Renowned market expert “Sheldon The Sniper” believes that BNB is positioned to be one of the leading altcoins in the ongoing bull market, with a target of ,000 if the current uptrend continues.
Expressing an optimistic outlook, Sheldon states that Binance’s token “is looking extremely bullish” and is expected to surpass its previous all-time high of 6, which was reached in May 2021, despite being currently down 2.2% from that level.
Another crypto analyst known as Kaleo draws attention to the distractions surrounding Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) and emphasizes that BNB is on the verge of entering a “phase of price discovery.”
Kaleo reminds that BNB played a significant role as an early leader in the previous bull market, suggesting a potential repetition of history in the current market cycle. During the 2021 bull market, BNB experienced substantial growth of 50% in late 2021.
In addition, following the exchange’s CEO Changpeng Zhao’s conviction in April, the regulatory scrutiny surrounding Binance has significantly reduced. This positions the crypto platform and its native token favorably to capitalize on anticipated institutional inflows and a surge in trading volume.
Trading Volume Soars To Billion, Market Cap Hits 0 Billion
Data from CoinGecko reveals a substantial 15% increase in BNB’s trading volume over the past 24 hours, reaching an impressive .3 billion compared to the previous day’s trading session.
The market capitalization of Binance Coin currently stands at 2 billion, indicating a notable uptrend as it has gained over billion within a 24-hour period, highlighting the renewed interest and inflow of capital from investors.
The sustainability of BNB’s uptrend remains uncertain, and it is crucial to monitor key levels in various potential scenarios, including sustained bullish momentum or a price correction.
If the bullish trend continues, the next significant resistance levels in the BNB/USD daily chart are at 1 and 6. These levels represent three-year hurdles for the token and must be overcome for further upward movement.
Conversely, it is essential for bulls to defend the 3 level, as a breach between this support level and the current price of 8 could result in a significant loss of gains if a retest occurs.
In sum, Binance Coin has showcased a significant performance in the market, outperforming major cryptocurrencies and achieving new milestones.
With experts expressing optimism about its future, BNB’s potential to surpass its previous all-time high and lead the current bull market is generating considerable excitement among traders and investors.
Featured image from Shutterstock, chart from TradingView.com
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Ethereum Futures Open Interest Hits All-Time High Following ETF Approvals
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Bitcoin Hashrate Hits Record High, Surpasses Pre-Halving Levels
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Dogwifhat and Bonk Prices Pull Back But Sealana Presale Hits $3M Mark
It’s been another volatile 24 hours in the meme coin market. Dogwifhat (WIF) and Bonk (BONK) have cooled off from their recent rallies as traders opted to take profits. Meanwhile, the new seal-themed token Sealana (SEAL) is in the spotlight after passing the million milestone in its limited-time presale phase. WIF Takes a Breather, […]
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Solana Meme Coin SEAL Hits $2.5M in Presale Ahead of Exchange Listings
Meme coins are thriving on Solana – with the up-and-coming Sealana (SEAL) token being one of the most talked-about new projects. This seal-themed crypto has already secured over .5 million in funding ahead of its highly-anticipated exchange debut in the coming weeks. Sealana’s Presale Passes .5M Mark as Retail Traders Buy In Few meme projects […]
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Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?
Bitcoin price started a downside correction below the ,000 level. BTC is now testing the ,800 support and might attempt a fresh increase.
- Bitcoin extended its decline below the ,000 support zone.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at ,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless there is a close below ,800.
Bitcoin Price Revisits Support
Bitcoin price started a downside correction after it struggled above the ,500 level. A new weekly high was formed at ,896 and the price recently started a downside correction.
The price declined below the ,000 level and tested the 50% Fib retracement level of the upward wave from the ,046 swing low to the ,896 high. There was also a spike below the ,800 support zone. The bulls are currently active near the ,800 zone.
Bitcoin price is now trading above ,000 and the 100 hourly Simple moving average. The price is now facing resistance near the ,650 level. The first major resistance could be ,000. There is also a connecting bearish trend line forming with resistance at ,000 on the hourly chart of the BTC/USD pair.
The next key resistance could be ,500. A clear move above the ,500 resistance might send the price higher. In the stated case, the price could rise and test the ,200 resistance.
If the bulls push the price further higher, there could be a move toward the ,800 resistance zone. Any more gains might send BTC toward the ,500 resistance.
Downside Break In BTC?
If Bitcoin fails to climb above the ,000 resistance zone, it could continue to move down. Immediate support on the downside is near the ,000 level.
The first major support is ,800. The next support is now forming near ,420 or the 76.4% Fib retracement level of the upward wave from the ,046 swing low to the ,896 high. Any more losses might send the price toward the ,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – ,000, followed by ,800.
Major Resistance Levels – ,000, ,500, and ,200.