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TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

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TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

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.

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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

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.

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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.

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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

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.

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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 

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Altcoins

BNB’s social activity has a FLOKI element to it and more

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BNB’s social activity has a FLOKI element to it and more

The last few months have been a challenging time for the crypto market as most cryptocurrencies stood in the red. However, Binance Coin’s [BNB] chart went green recently as it registered promising gains in the past few days.

Recent bullish trends can be considered as a factor along with several other developments that happened in the BNB ecosystem. For instance, Shiba Floki Inu, a descendant of Dogecoin, recently announced a partnership with Multichain, a leading cross-chain bridge solution.

FLOKI holders will be able to seamlessly bridge FLOKI from Ethereum to the BNB blockchain. 

📢 @RealFlokiInu partnered with leading cross-chain bridge solution @MultichainOrg!

Through this partnership, $FLOKI holders can now securely bridge #FLOKI tokens from the #ETH chain to the #BNBchain & vice versa.

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🌐 https://t.co/Z6crB5R5mX#BNB #BSC $BNB #FlokiFi #DeFi #Web3 pic.twitter.com/AIe22j6Ah6

— BNB Swap (@BNBSwap) September 28, 2022

This development not only brought joy to BNB enthusiasts but also FLOKI holders, as the latter’s price surged by over 6% in the last 24 hours. 

Though BNB’s price corresponded to these developments at press time, will the altcoin continue its upward streak in the days to come? 

Metrics in play

Interestingly, while BNB’s price registered an increment, its social activity also went upwards. This was evident as BNB was among the top tokens in terms of social activity on the BNB chain on 28 September.

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⚡️ @BNBCHAIN #BNBChain Ecosystem Coins by Social Activity
28 September 2022$TTC $QUACK $CAKE $FLOKI $SOKU #BABYDOGE $CATE $HERO $LEOS $BNB #BNB pic.twitter.com/ap5XVh8hbt

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) September 28, 2022

Additionally, the recent uptrend made BNB one of the top gainers in the last seven days among the top 10 cryptos in terms of market capitalization. A look at BNB’s on-chain side suggested that most of the metrics’ readings were in favor of the recent uptick.

For instance, BNB’s 30-day Market Value to Realized Value (MVRV) Ratio went up last week, which might have helped the coin in its latest uptrend.

Furthermore, BNB’s daily on-chain transactions in profit also skyrocketed on 28 September, which can be considered sort of good news for investors. 

Source: Santiment

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Not only this, but BNB’s NFT total NFT trade volume in USD surged sharply as of 28 September. 

Source: Santiment

So it’s a green signal then?

Interestingly, BNB’s daily chart painted an ambiguous picture as a few market indicators revealed the possibility of a further uptrend, while others hinted at a southward journey ahead.

For instance, the Moving Average Convergence Divergence (MACD) displayed a minor bullish crossover, following which an expectation of a short uptick can’t be ruled out.

BNB’s Relative Strength Index (RSI) was resting just above the 50-mark. With a slight bullish edge, selling pressure looked imminent. 

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Furthermore, the 20-day Exponential Moving Average (EMA) was below the 55-day EMA, which was a bearish signal. Moreover, BNB’s Chaikin Money Flow (CMF) also went down, decreasing the chances of a sustained uptick in the short term. 

Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Altcoins

Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.

According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2. 

Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623  while Q3’s worth was $562,592,435.15. 

In dire need of a helping hand

Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.

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According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day. 

Source: DeFi Llama

Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000. 

Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.

Source: Santiment

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How about the charts?

Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?

The Awesome Oscillator (AO) showed that BNB’s momentum was currently bearish with its value at -4.3. Also, the AO status also showed that there was a bearish twin peak, indicating that a bullish momentum was unlikely  in the short term. 

Source: TradingView

It was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI had succumbed to the overbought pressure it earlier experienced. 

With BNB failing to hold on support and resistance repeatedly, the expectations of a price rise in the fourth quarter may well be at an extremely low point. Still, assuming that there would be less profits could sound too hasty as Bitcoin [BTC] cannot be written off in recovering. In most cases, BNB follows the same trend. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Binance Coin

BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate?

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BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate?

BNB price (Binance Coin) has been in the green lane for quite some time and on top of that, it also leads the crypto market scene in terms of market cap. More so, BNB has also registered a weekly gain of 6%.

  •         Binance Coin registered a weekly gain of 6%
  •         BNB development improved investor interest
  •         BNB shows stunted social metrics

BNB is also tagged as one of the top five cryptocurrencies as far as search volume is concerned. While the coin was also to beat other cryptos, BNB has plummeted in price by 1.6% compared to its data on September 25, trading at roughly $275.42.

Evidently, BNB was able to make it to the cut of the top cryptocurrencies that made a bull run when paired with BTC. Binance Coin developments have stirred investor interest which also positively impacted the on-chain metrics of BNB.

BNB Price Up By Nearly 3%

According to CoinMarketCap, BNB price has soared by 2.98% or trading at $275 as of this writing. Total market capitalization is currently at $43.5 billion, data from TradingView show.

BNB’s volume looks stabilized which dampens any possibility of price drops. The MVRV ratio of BNB is said to have increased in comparison to last week’s figures which hints at the probability of an uptrend in the coming days.

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On the other hand, some of BNB’s on-chain metrics hint at negative sentiment such as the decrease of unique active wallet addresses which hints at the reduced user activity on the Binance Coin Network.

In addition, BNB’s social volume also dropped which shows a significant decline in investor interest.

Binance Coin’s volatility level has also plunged which is derailing the coin from going further up. BNB’s daily chart is showing a bullish streak with various market indicators validating the potential of an uptrend.

BNB’s RSI, CMF Show Likelihood Of Uptrend

Chart: TradingView.com

More so, Bollinger Bands show that the Binance Coin price is in an overbought zone thus increasing the potential of a breach. RSI and CMF for Binance Coin have shown the possibility of having an uptick in the coming days.

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So far, the MACD stats show that after a rigorous tug of war, the bulls are coming through stronger than ever.

Many crypto experts and analysts are optimistic about the future of BNB. Joseph Raczynski, a technologist, believes in the propensity of BNB to soar.

The futurist is bullish on BNB mainly due to the fact that Binance is getting bigger each day. In general, the crypto market is remarkably optimistic about BNB so much so that the SEC feud cannot hurt its price traction.

BNB total market cap at $43.5 billion on the daily chart | Source: TradingView.com    Featured image from AAX Academy, Chart: TradingView.com
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