Tag: Binance Coin (Bnb) Price

Crypto Price Analysis Feb-4: Ethereum, Ripple, Solana, Binance Coin, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Solana, Binance Coin, and Luna.

img1_cryptopost

Ethereum (ETH)

ETH had a very good week, rallying over 17%. Today, the cryptocurrency broke the critical resistance at $2,800 and the price appears ready to move higher towards the next target at $3,000. This latest move higher comes after ETH retested the key support level at $2,500 yesterday.

This price action puts an end to the correction and brings certain optimism to the market. The key question is if ETH can now move beyond the $3,000 resistance. A break above this level would consolidate the most recent gains and open the door to a more significant recovery.

However, the volume on this latest push is not that impressive. As the price moves higher, the bullish momentum has to intensify, otherwise, the price could be rejected at the key resistance by the sellers. The coming week will be decisive in where ETH moves next.

ETHUSD_2022-02-04_13-09-37
Chart by TradingView

Ripple (XRP)

This past week, XRP suffered from a flat trend with price moving sideways, lacking momentum to break away from its current range. The resistance at $0.65 and the support at $0.58 have kept the cryptocurrency in check, and any attempts by the bulls or bears to break away were stopped.

The most recent try to break below the key support level failed and bulls are back in control of the price but seem unable to push XRP to the important resistance. For this reason, in the past seven days, XRP only increased in price by 1%.

At the time of this post, XRP lacks momentum and volume appears flat. This makes any significant move unlikely in the near term. If BTC and ETH have a major breakout, XRP may attempt to break from this range in the coming week. Otherwise, the flat trend is likely to continue.

XRPUSDT_2022-02-04_13-15-32
Chart by TradingView

Solana (SOL)

SOL had a good week and also broke above the $100 level, which was a key resistance in the past seven days. Now, the price is consolidating just above this level, concluding the week with an impressive 17% increase.

The biggest challenge for SOL right now is if it can move higher towards the next key resistance at $130. The current price action and indicators support a continuation towards this key level, but a break above it appears unlikely at the time of this post.

Looking ahead, SOL is well-positioned to recover its losses from the most recent correction, and the current volume favors the bullish side of the market. So long this positive momentum is maintained, the cryptocurrency appears ready to move higher.

SOLUSDT_2022-02-04_13-22-02
Chart by TradingView

Binance Coin (BNB)

After BNB fell under $400, the price finally found support at the $335 level, which has stopped the cryptocurrency from moving lower – so far. Similar to XRP, the price action in the past seven days was flat, and BNB lost 3% of its dollar value.

Currently, BNB is consolidating and may attempt a rally in the coming week towards the key resistance at $418. Reclaiming this level would be essential if BNB is to move higher in the future. A failure, on the other hand, would mean the consolidation may take much longer.

The indicators favor the bulls at this time, but this bias may be soon put to the test as the price moves towards the key resistance. Either way, considering the latest price action, it is unlikely for BNB to fall much lower, and an uptrend seems more likely in the coming week.

BNBUSDT_2022-02-04_13-30-14
Chart by TradingView

Luna

Luna’s downtrend has ended this past week, with the price finding support at around $45. Now, the cryptocurrency is hovering below the key resistance at $54 which has prevented the price from moving higher in the past few days. Overall, Luna’s weekly performance was poor, with a 6% decline.

The indicators have not turned bullish yet and Luna appears to consolidate under the key resistance. Nevertheless, the RSI is making higher lows on the daily timeframe and the MACD could do a bullish crossover if this price action is maintained in the next few days.

Looking ahead, Luna is likely to attempt a break above the $54 level and may rally if successful. However, the current volume is weak and a breakout appears unlikely at this time. Luna may need another few days of consolidation before a breakout is attempted.

LUNAUSDT_2022-02-04_13-42-58
Chart by TradingView

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Binance Coin Price Analysis: BNB Crashes Back to $420 as Market Deletes Previous Gains

by CryptoPotato

BNB’s rally came to an abrupt stop after the price passed the $500, and the market took all the gains away in today’s trading session.

Key Support level: $420

Key Resistance level: $520, $692 (ATH)

Despite the strong bullish momentum at the beginning of the week, BNB could not sustain its price beyond $500. The market took a downturn and crashed last night. The key support at $420 has held well so far, but the pressure is building up.

BNBUSDT_2022-01-21_12-16-55
Chart by TradingView

Technical Indicators

Trading Volume: The volume spiked during the crash last night, and it is now fading. Buyers will likely have more opportunities to defend the price at $420.

RSI: The daily RSI is quickly falling down towards the oversold area as it currently sits at 35 points. This is bearish, and unless it moves above 50 points, it will be hard to reverse the bias.

MACD: The daily MACD completed a bearish crossover today. It is important to see how the current daily candle closes, but the trend remains bearish in the near term.

BNBUSDT_2022-01-21_12-17-24
Chart by TradingView

Bias

The current bias is bearish.

Short-Term Prediction for BNB Price

BNB is at a decision point. A failure to remain above the key support will lead to further losses. Therefore, buyers have to do their best to keep prices above $420.

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Binance Coin Price Analysis: Following 4% Daily Surge, is $520 In Sight for BNB?

by CryptoPotato

Key Support level: $417

Key Resistance level: $520, $692 (ATH)

Since March 2021, BNB has formed a huge ascending triangle (colored in blue). A break above would signal that a new all-time high is in the cards. At the time of this post, BNB appears on a clear path to test the key resistance at $520 after a successful test of the support at $417.

If BNB is successful in breaking above the key resistance, the price can rally towards the current all-time high at $692.

BNBUSDT_2022-01-15_15-51-23
Chart by TradingView

Technical Indicators

Trading Volume: The good volume at the critical support pushed BNB quickly towards the current resistance. This shows that the demand for BNB remains high, and if the momentum can be maintained, the $520 resistance will be tested soon.

RSI: The daily RSI is close to making a higher high which would further consolidate the bullish bias.

MACD: The daily MACD did a bullish cross last Thursday, and momentum has increased since. The true test of this rally will be the key resistance.

BNBUSDT_2022-01-15_15-57-24
Chart by TradingView

Bias

The current bias is bullish. However, the key resistance at $520 may put the bulls in trouble if the price is rejected there.

Short-Term Prediction for BNB Price

BNB has shown tremendous strength during this most recent correction, managing to hold at the key support. Moreover, now, the price is erasing most of the losses. The first key challenge is for BNB to move above $520.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Crypto Price Analysis Jan-7: Ethereum, Binance Coin, Cardano, Solana, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Binance Coin, Cardano, Solana, and Luna

Ethereum (ETH)

Throughout the past seven days, we saw a crash in the crypto market and ETH was no exception, falling over 14.6% in the period. After a brief attempt earlier this week to push towards $4,000, the price quickly turned on Wednesday, breaking below the $3,600 support, which is now a resistance. The downtrend did not fade today and continued with ETH falling under $3,300.

At the time of this post, ETH looks very weak, and a test of the $3,000 support appears likely before any significant bounce can be expected. The market, as well as ETH, is now in oversold territory. Therefore, a relief rally is likely in the near future once bears decide to let go of the current assault.

ETH may recover in the coming week if the selling pressure fades. However, for the downtrend to end, it needs to break above $3,600, which appears quite unlikely considering current market conditions.

Chart by TradingView

Binance Coin (BNB)

BNB was not spared this week and fell under $500, with the price now on a path towards the $420 support level. Overall, the cryptocurrency closed the past seven days with a 13.8% loss in price, similar to ETH.

The support level has a good chance to stop the current downtrend. Should a relief rally start after that, then BNB has resistance at $520. It is very difficult to expect a bounce right now.

The daily RSI is already in the oversold territory, and this shows that the selling pressure might have reached a climax. With the weekend approaching, which usually has lower volume, BNB may take a pause before making its next step.

Chart by TradingView

Cardano (ADA)

ADA has shown resilience during the assault from bears in the past three days, managing to successfully defend the $1.2 support level every day. For this reason, it has fared better than ETH or BNB, with a 10.4% loss in price in the past seven days. The critical support continues to hold well, despite the bearish market.

Buyers seem very interested in ADA at this price level, and the chart shows it. However, each time the support level is tested, the risk of it breaking increases. It would be quite impressive if ADA manages to hold here. If a relief rally starts, then ADA has resistance at $1.5.

Looking ahead, ADA remains in a range between $1.2 and $1.5.

Chart by TradingView

Solana (SOL)

After SOL got rejected at the $200 resistance level, the price has entered a severe correction, falling almost 20% in the past seven days. The current support for SOL is found at $128 and $116, which should provide a break in the downtrend.

Moreover, the daily RSI has reached the oversold territory showing that the bulk of this correction might be behind us. Nevertheless, the daily MACD remains bearish, and the volume increased as the correction progressed which is a another strong bearish signal.

The current resistance can be found at $148 and is unlikely to be tested until SOL stops the current downtrend.

Chart by TradingView

Luna

When Luna reached $100, the market participants were euphoric. However, the price action since then has been nothing but a disappointment, with the cryptocurrency dropping to $70 at the time of this post after losing 17% of its valuation in the past seven days.

The key support at $70 seems to hold for now, but Luna broke below the key level at $78, which is now acting as resistance. It had to maintain a price above $78 to keep the uptrend momentum intact. This has been lost now.

For this reason, the short to medium-term bias is now bearish, and if the downtrend continues, then the price might even visit $50. Both the MACD and RSI are quickly falling to lower levels on the daily timeframe without any sign of a reversal at the time of this post.

Chart by TradingView

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Binance to Replace Quarterly Burn with a BNB Auto-Burn Mechanism

by CryptoPotato

The cryptocurrency exchange giant Binance announced the implementation of a new BNB Auto-Burn mechanism.

  • The aim is to provide greater transparency and predictability to the BNB community.

  • BNB Auto-Burn is also designed to foster the development of a “healthy blockchain ecosystem” together with the Binance Smart Chain (BSC) and Binance Coin (BNB) communities.

  • According to the official blog post, the new system, dubbed “BNB Auto-Burn,” will have two characteristics. It will be objective and verifiable. It will not rely on the revenues generated on the Binance’s centralized exchange through the use of the native token.

  • Instead, it will be automatically adjusted in that the burn amount will be based on BNB’s price. This, in turn, takes into account the supply and demand for the token in addition to the number of blocks produced during a quarter based on on-chain data.

  • With the introduction of the BNB Auto-Burn, Binance revealed that the next phase in the development of its native tokens and BSC has started.

  • CryptoPotato had earlier reported about Binance Smart Chain launching its automatic burning mechanism.

  • After the activation of BEP-95, which is involved with integrating a real-time burning system into its tokenomic structure, a fixed ratio of gas fees accumulated by the validators in the BSC ecosystem will be burned in each block.

  • The main objective is to ramp up Binance’s burn process while simultaneously decentralizing the network.

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Crypto Price Analysis Dec-3: Ethereum, Binance Coin, Cardano, Solana, and Luna

by CryptoPotato

Ethereum (ETH)

Ethereum acted as a locomotive in the last seven days, pulling most of the altcoin market back on the uptrend after the $4,000 support held well. ETH broke above the key resistance at $4,350 and stopped just $80 from reaching the all-time high at $4,868.

Due to the high volatility, the price is very close to last week’s analysis, charting only a small 1% increase. Nevertheless, ETH outperformed Bitcoin and drew a lot of attention.

The key challenge now for ETH is to 1) sustain the price above the critical resistance-turned-support at $4,350 and 2) attempt a break above the all-time high at $4,868. If successful, this can lead the market to a significant uptrend. Either way, the month of December should be very exciting for market participants.

Chart by TradingView

Binance Coin (BNB)

After falling under $600, BNB managed to make a quick recovery above this key level. Despite this, the price did not manage to make a higher high compared to the last weekly review and is at -2.3% in the past seven days.

As long as BNB manages to hold above the support at $600, the price has a good chance to explore higher levels and even attempt a break of the all-time high at $692. The BNB indicators are not particularly bullish right now, with the daily MACD failing to complete a bullish cross yesterday. Should that happen later, then the chances for BNB to go higher will increase significantly.

Until then, BNB can continue to consolidate above $600. All eyes remain on the market leaders, Ethereum and Bitcoin, to set the tone in the coming week.

Chart by TradingView

Cardano (ADA)

Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.

For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.

Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.

Chart by TradingView

Solana (SOL)

SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.

The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.

The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.

Chart by TradingView

Luna

The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.

With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.

Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.

Chart by TradingView

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Binance Smart Chain Activates Real Time BNB Burning Mechanism

by CryptoPotato

Binance Smart Chain (BSC) recently activated BEP-95, which integrates a real-time burning mechanism into its tokenomic structure. From now on, a fixed ratio of gas fees collected by BSC validators will be burned in each block.

The Real-Time Burn Begins

BSC announced the new mechanism’s launch over Twitter earlier this week. Its burn ratio – adjustable by governance – reportedly sits at 10% right now.

BEP-95 was introduced on October 22nd, with the goal of speeding up Binance’s burn process and further decentralizing the network. The company also theorized that this will drive up the price of BNB tokens, presumably through increased scarcity.

“While implementing this BEP might decrease the total amount of BNB that validators and delegators receive from staking, the fiat-denominated value of their rewards may increase,” claimed Binance. “This burning mechanism would further reduce BNB supply; thus, increasing demand would drive the BNB value higher.”

Binance has been manually conducting BSC burns since its inception. Its aim was to reduce BNB’s total supply by 50%, from 200m to 100m tokens. One such burn was conducted shortly before BEP-95 was announced, taking $640 million (1,335,888 BNB) off the network.

Binance’s real-time burn will work alongside the exchange’s scheduled burn events. Notably, it will remain in effect even after the scheduled burns have reached their 100m BNB supply target. As BEP-95 reads: “By design, BNB is a deflationary token.”

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Binance Burning Versus Ethereum

Binance’s new burning mechanism is similar – but not identical – to Ethereum’s. While both chains collect tokens for the burn pool through transaction fees, some BSC’s fees are still used to compensate validators. On Ethereum, all mandatory fees are sent to the burn pool, with a ‘tip’ option available for transactors to compensate miners. The rest of miners’ compensation is delivered through block rewards.

Furthermore, as Binance uses proof-of-stake, there are no new tokens entering circulation to balance out the burn. Meanwhile, Ethereum’s block rewards and burn pool work against each other when influencing currency supply. This sometimes results in a net-deflationary time period for Ethereum but still produces an inflationary environment overall.

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Crypto Price Analysis Nov-26: Ethereum, Binance Coin, Solana, Avalanche, and CryptoCom

by CryptoPotato

This week, the market correction continued with most cryptocurrencies suffering significant losses, particularly today when Bitcoin dropped 10% in 12 hours, and altcoins charted double-digit losses. In what follows, we take a look at Ethereum, Binance Coin, Solana, Avalanche, and CryptoCom’s CRO.

img_cryptopostfriday

Ethereum (ETH)

Ethereum had a nice rally this past few days and gave hope of a major breakout. However, today’s price action has re-set ETH back to $4,000 ending the past seven days in green at only 3%.

The $4000 level is also key support, and it would be surprising to see ETH close below it. Bulls are likely to defend it well and may not allow ETH to drop further outside of a wick.

The resistance sits at $4,500, and it might take a while for bulls to push the price back there as the crash from today has been significant at over 10%. Looking ahead, ETH seems likely to consolidate around the key support level before bulls gather strength for another push higher. Until then, watch out for the bears as they may attempt another try at breaking the $4,000 support.

Chart by TradingView

Binance Coin (BNB)

Binance Coin broke above $600 yesterday and was giving a strong bullish signal. But the positivity was short-lived as bears took control of the price today and pushed it back below this key psychological level. Still, BNB remains about 12% up on the weekly, despite today’s bloodbath.

BNB has strong support, just above $500, and despite the current drop, it has made a higher low. It is very important to see how BNB closes today’s candle because if the higher low is maintained, then this correction might have been one more dip before higher prices are reached.

Looking ahead, the indicators for BNB are trying to curve back up on the daily timeframe, and today’s correction has delayed a possible bullish cross. The bias remains somewhat bullish for BNB as long as it holds above the key support at $516.

Chart by TradingView

Solana (SOL)

Solana had a strong rally this past week but was rejected by the resistance at $236. Due to today’s market dropdown, SOL was pushed back on the key support level at $190.

SOL was already giving a bearish signal due to the indicators, with a daily MACD that completed a bearish cross on November 11th. Whenever this happens, it is always best to be cautious and not FOMO in. SOL has continued to make lower highs and lower lows. Today’s daily candle has wicked all the way down to $182, which is the lowest level since late October.

Looking ahead, Solana appears to be in a longer correction that might take longer to play out, and today’s price action only reinforces this bias. While the support at $190 has held today, this is not a guarantee that it can hold another attempt at breaking it. The indicators such as MACD and RSI remain bearish, and it is best to remain careful.

Chart by TradingView

Avalanche (AVAX)

Avalanche surprised everyone this past week with a significant rally that topped at a new all-time high at $147. However, ever since then, AVAX has corrected, and today’s candle took price all the way back to $100.

Moreover,  AVAX, much like Solana, also completed a bearish cross on the daily MACD today. If it closes the day like this, then this is a major warning sign that lower price levels could be reached in the future. In the best-case scenario, AVAX’s price should contain the correction just above $100. Then bulls can then recover from this assault and attempt a recovery.

In general, it is important to remain very careful as the market is currently in a state of instability, and a lot of volatility might come into play. Therefore, vigilance is of utmost importance.

Chart by TradingView

CryptoCom (CRO)

CryptoCom Coin had a fantastic rally in October and the first half of November. Now, the price appears to have finally hit a major resistance, which is not surprisingly found at just under $1 dollar. Such key psychological levels will always represent turning points in the price action, and CRO is no different. Despite the ongoing correction, CRO’s performance this week was stellar, with a 40% price increase.

The current support is found at $0.63. However, considering the past rally, CRO might not only correct to the Fibonacci 38% retracement, and it might dip even further.

Looking ahead, CRO’s indicators on the daily timeframe have curved back down after the major rally in the past couple of weeks. This is a clear warning sign, and if CRO breaks below $0.63 support, then things could get even uglier.

Chart by TradingView

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Binance Coin Price Analysis: BNB Bears Halt the Attempt to Break Above $600

by CryptoPotato

Key Support level: $516

Key Resistance level: $600, $692 (ATH)

The price rallied off the $516 support level with sufficient momentum to go all the way up to the $600 resistance level.

Once there, the bears rejected the price and look likely to continue to put up a good fight at this key psychological level. For this reason, BNB still lingers just under $600 at the time of this post while the bulls are considering another attempt to break above.

img1_bnb
Chart by TradingView

Technical Indicators

Trading Volume: The volume is falling, and this last rejection at $600 has cut the momentum from BNB bulls. It might take some time for them to recover and try again.

RSI: The RSI fall has stopped, and it has even made higher lows. This is a positive change from last week when BNB was in a freefall.

MACD: The MACD completed a bullish cross on the 4-hour timeframe last Friday, and it is now keen to do it again after a short-lived correction. On the daily timeframe, the MACD is still bearish, but the histogram is making higher lows. If bulls can break above $600, then the daily MACD will curve back up strongly.

img2_bnb
Chart by TradingView

Bias

The current bias is neutral. The market seems to be deciding on the next steps, and the price action reflects this as well. To flip the bias bullish, BNB has to break above $600. To turn bearish, it has to fall below the key support at $516.

Short-Term Prediction for BNB Price

BNB downtrend momentum has stalled, and the current price action shows that bulls are considering another attempt at the $600 resistance. Until that materializes, it’s more likely for BNB to float just under the key support.

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Crypto Price Analysis Nov-19: Ethereum, Cardano, Ripple, Binance Coin, and Solana

by CryptoPotato

This week the market took a downturn which resulted in most cryptocurrencies suffering significant losses. We take a look at Ethereum, Cardano, Ripple, Binance Coin, and Solana.

img1_cryptopost_friday

Ethereum

Ethereum broke below the ascending wedge this week and corrected all the way to $3,958.

Compared to last week, ETH registered a -11.3% correction and fell under $4,000 for the first time in November. The first sign that such a correction could take place was given by the daily MACD that did a bearish cross just before the downtrend started.

The current price action signals that the correction may come to an end soon, as the downwards momentum is decreasing. Moreover, the RSI on the 4-hour timeframe has formed a bullish divergence as the ETH price fell under $4,000. This signals to the bulls that this is their opportunity to return and attempt a reversal. To recover from the recent drop, ETH has to overcome the key resistance levels found at $4,354.

Looking ahead, ETH has good support, just under $4,000, and that level is a very attractive entry for bulls and buyers. Therefore it should see a good defense against further drops. Despite this drop, ETH remains bullish on larger timeframes, which can be interpreted as a normal retrace in a bullish market.

img1_eth
Chart by TradingView

Cardano

ADA’s attempt to go above $2.4 was sharply rejected last week, and since then, the price has continued to make lower lows reaching $1.7 during yesterday’s correction. For this reason, ADA’s performance was poor in the last seven days, with a -10.3% drop.

The breakout from the descending triangle can be interpreted as a fakeout which may have trapped many bulls that hoped for a rally instead. The current resistance for ADA sits at $1.9, which was the former base of the descending triangle, while support is found at $1.7 and $1.5.

Looking ahead, ADA may have an opportunity to stop the bearish trend as the RSI has made a bullish divergence on the 4-hour timeframe, similar to Ethereum. However, one has to be very careful as daily MACD continues to remain bearish. To confirm the bullish divergence, ADA has to return back above $1.9.

img3_ada
Chart by TradingView

Ripple

This past week, XRP broke below the $1.2 support level and continued to fall all the way to $1. As such, XRP had a disappointing performance with a 12.5% drop.

The question now is if XRP can maintain its price above $1. So long as the bulls maintain this key support level, the macrostructure will remain bullish for XRP and this last price drop can be interpreted as a higher low.

Looking ahead, volume and MACD continue to be on the bearish side, while RSI is giving some hopes of a reversal similar to ADA and ETH. If XRP bulls can stop prices from further losses, then XRP has a good chance to recover in the coming week.

img2_xrp
Chart by TradingView

Binance Coin

Last week, BNB had a strong rally which was stopped in its tracks before reaching the all-time high at $692. This week, bears took control of the price and pushed it all the way down to the support at $516. For this reason, BNB’s price fell 10% over the past seven days.

The current resistance for BNB is found at $600. Since touching the support level yesterday, the cryptocurrency is back on the uptrend, but the resistance at $600 will be the real test for bulls. If BNB is successful in breaking this key resistance, then the rally can continue for a new attempt at reaching the all-time high.

Looking ahead, the indicators for BNB give mixed signals, with a bearish daily MACD and an RSI that is trying to curve back up. The fight at the $600 resistance is likely to decide the winner in the coming week.

img4_bnb
Chart by TradingView

Solana

SOL did not have a good week and declined by more than 11%. It also broke below the support at $216, which was the previous all-time high from September. SOL found support on the $190 level and is currently trying to reverse the downtrend.

Unfortunately, the daily MACD continues to accelerate downwards and has been bearish for over a week without any signs of a reversal on the horizon. The support at $190 appears strong. However, it is early to say if the downtrend will end here, and it is best to be cautious.

Looking ahead, Solana already had a stellar performance this year, and it is hard to demand more from it at this time. Therefore, this correction can last a while, particularly because on the daily timeframe, SOL has made a large bearish divergence between the top in September and the one in November.

img5_sol
Chart by TradingView

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Cryptocurrency charts by TradingView.





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