Bitcoin Is Slipping, But BNB Is on Fire: Here’s Why

The crypto market, including Bitcoin, currently deals with the effects of yesterday’s massive liquidation cascade, but bleeding is slower.

According to Coingecko, the total cryptocurrency market capitalization is $3.9 trillion, down just 0.6% in the last 24 hours. It wasn’t too bad considering yesterday was the biggest liquidation event of the year.

But just like yesterday, the Tradfi market is much better. The S&P 500 shows that despite the weaknesses of the crypto market, the risk appeal continues to live on stocks. Meanwhile, Gold reached a new all-time high of $3,790 today, hedging investors for increasing geopolitical tensions in the Middle East.

However, some coins appear to be immune to the turmoil of the crypto market, but that’s obviously the case with BNB, Binance’s native token. BNB was the most performant cipher in the top 10 last week, with an impressive 6% in the last seven days and a whopping 17% in the last 30 days. Bitcoin is struggling. what happened? Let’s take a look at the chart.

Bitcoin (BTC) Price: Testing Important Support

Bitcoin price action today is a continuation of yesterday’s FUD, with flagship cryptocurrency down 0.80% to $111,837.

Daily candles indicate failed recovery attempts. Opened at $112,741, Bitcoin reached $113,344 before the seller took control, pushing it down to test its support level of $111,571.

If Bitcoin doesn’t find buyers at these prices and bounce, this could lead to worse news for the Bulls.

The technical drawing shows that while not without hope for the bull, it embraces bear pressure.

The average Directivity Index (ADX) is at 18 points. This suggests that the bullish trend that put Bitcoin on new heights a few weeks ago is weakening.

ADX measures the intensity of a trend that suggests an established trend of over 25 reads, regardless of direction. If ADX measurements remain below 20, it usually means that the market is undirected and consolidated before the next major movement. For traders, this could dictate a waiting approach as the market is not sure in either direction.

Bitcoin’s relative strength index (RSI) is at 42, placing BTC in a slightly bearish area without being sold. RSI measures price momentum on a scale of 0-100, with measurements above 70 suggesting excessive conditions, and if below 30, it often informs the markets that have been sold before before. At 42, we are in that unpleasant middle ground. It’s not low enough to cause bargains, but it’s high enough to make a profit.

The squeeze momentum indicator similarly shows that the current price movement appears to be placing Bitcoin at the bearish impulse stage. This usually indicates a more sustained correction before prices rise. In other words, at least in the short term, it’s not that good news about Permabulls.

Myriad – Forecast Markets Built by DecryptionParent company Dastan – Traders are almost split in the short-term direction of Bitcoin. Market “Next Hit of Bitcoin: Soaking in $125,000 from the month or $105,000?” The chances of moving to $125K have dropped to 42%, indicating a fall from 69% just five days ago.

On the positive side of the Bulls, countless users are confident that BTC will not fall below $105,000 by the end of the month, putting the odds at 83%, where Bitcoin surpasses its mark in seven days in a historically bad month on the market.

The key level is the same as yesterday’s prediction.

• Immediate Support: $111,000 (Today’s Low)
• Strong support: $108,500 (psychological level)
• Immediate resistance: $115,000 (opening price area)
• Strong resistance: $118,000 (recent high)

BNB Price: Rebels against the market

But while Bitcoin stumbles, BNB shines.

The coin, formerly known as Binance Coin, is a native token of the BNB blockchain, formerly known as the Binance chain. As you can imagine, coins were actually created and issued by Binance, the world’s largest cryptocurrency exchange, by trading volumes.

BNB is today the Green’s only coin by top 10 market capitalization, surged at 2.6% in the last 24 hours and is currently trading at $1,013. Over the past seven days, coins have increased by more than 6% in terms of relative strength displays that have attracted traders’ attention.

Why is BNB pumping? It could have many connections with the rise of Aster, a decentralized permanent futures exchange in the BNB blockchain.

Because BNB is a native gas token on a BNB network, the demand for tokens usually rises and falls with demand for network usage. And now there’s nothing hot in Crypto other than BNB’s Aster. The Astrtoken itself has reached astronomical 47% today alone, and recently reversed high liquids with daily revenue generated from trading fees.

That said, BNB’s technical indicators draw a decisive and bullish picture.

The ADX of 43 shows a strong trend. The indicators alone suggest that the upward trend in BNB has serious feet, and fighting it can be expensive for bears. BNB prices today bounce back again after approaching the lowest point in a week, indicating how firm the resistance of current price trends is.

The 66 RSI sits in the sweet spot for continued profits. While approaching over-acquisition territory (over 70), there is still room to run before automatic profit acquisitions from traders generally begin. Experienced traders know that strong trends allow coins like BNB to push higher before they need a breather.

Traders also rely on exponential moving averages or EMAs to give them a sense of where price support and resistance for a particular asset is in the short, medium and long term. And in this case, BNB’s EMAS tells a compelling story.

At this point, the 50-day EMA (short term) is far greater than the 200-day EMA (long term). What this means for traders is that BNB is in a setup where short-term momentum overpowers long-term resistance. Furthermore, BNB’s current prices are well above both averages, indicating that the bullish movement has strong momentum.

And it’s all happening against the background of the crypto market on the ropes, requiring serious breathing. The fact that BNB is rising despite negative market momentum strengthens bullish cases.

Key Level:

• Instant Support: $970 (Recent Breakout Points)
• Strong support: $900 (psychological targets and EMA40)
• Immediate Resistance: $1,030 (Today’s Best)
• Strong resistance: $1,079 (all time high)