Name Price24H (%)
Bitcoin (BTC)
$64,549.00
5.91%
Ethereum (ETH)
$2,386.50
9.97%
Binance Coin (BNB)
$583.75
6.72%
Cardano (ADA)
$1.52
17.61%
Why This Trader Expects a Huge Binance Coin (BNB) Uptrend Fo...
Binance Coin, News

Why This Trader Expects a Huge Binance Coin (BNB) Uptrend Forming

Binance

“The first one back in mid-February went nearly vertical afterward,” said Crypto Kaleo, mentioning the chart as shown below. “I expect something similar here, though probably a bit slower considering the higher market cap/longer accumulation period prior.”

Notice how both ATH breakouts had massive wicks / shakeout candles. Source: BNBBTC on TradingView.com
Notice how both ATH breakouts had massive wicks/shakeout candles. Source: BNBBTC on TradingView.com

The analysis appeared as the cryptocurrency market, on the whole, risked correcting lower under Bitcoin’s influence. The BTC/USD exchange rate again failed to log a breakout move above $60,000. Traders unwound their upside positions to secure short-term profits and dropped the pair to as low as $55,400 on Wednesday. It was attempting to rebound this Friday, albeit with weaker volumes.

BNB’s fundamentals typically take cues from the Bitcoin market. The correlation efficiency between the two assets currently sits near 0.75. The general market consensus for Bitcoin is bullish. It means Binance Binance Coin outlook from mid-Feb. Source: BNBUSD on TradingView.com

Binance Binance Coin outlook in April 2021. Source: BNBUSD on TradingView.com
Binance BNBUSD on TradingView.com

“Extremely similar also,” Kaleo stated, “both accumulated/accumulating slightly higher than the ATH they recently broke. “Continuing to play out like the time above. I’m expecting a surge out of this range to a new all-time high and price discovery any time now.”

Source: NewsBTC.com

coinmag

Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.