Aaryamann Shrivastava
FXStreet
- Binance Coin price emerged as the leader among the large-cap altcoins, rising by 7.35% in the span of 24 hours.
- Fantom price noted a 5% increase as well, with the altcoin bouncing off a critical support line.
- Bitcoin price, on the other hand, has been hovering around the $25,000 mark, looking to flip it into a support floor.
The crypto market has been exhibiting mixed signals, with the biggest cryptocurrency, Bitcoin, noting a minimal rise while altcoins take the lead. In line with the same, Binance Coin and Fantom stood among the few that pushed to keep the total value of all cryptocurrencies above $1 trillion.
Binance Coin price climbs toward key level
Binance Coin price could be seen inching closer toward the critical resistance at $334.7 after marking another 7.35% rise on Thursday. Trading at $327.6, the cryptocurrency simply needs more bullish support from traders to push the price to mark new 2023 highs.
The Moving Average Convergence Divergence (MACD) indicates a bullish crossover for BNB, which could support the case. But the Relative Strength Index (RSI) is also inching closer to the overbought zone above 70.0. This zone is usually indicative of either a trend reversal or pullback.
BNB/USD 1-day chart
Thus if Binance Coin price corrects and declines below the critical support level at $294.5, it could crash to the year-to-date lows of $264.9. This would invalidate the bullish thesis and result in a 20% crash.
Fantom price saved in the nick of the time
Before marking a 5% increase on Thursday, Fantom price was just recovering the 12.9% decline noted just the day before. However, the green candle came in clutch and managed to keep it above the critical support at $0.386.
Trading at $0.4064, the altcoin is open to further rises, as indicated by theRSI. The indicator is at the neutral line at 50.0, and a flip of the same into support would likely trigger a positive reaction. Although in order to seal the bullishness, the Fantom price would need to breach the critical resistance level above $0.492.
FTM/USD 1-day chart
Failure to breach the same could result in a decline, and this time around, it could push FTM below the critical support at $0.386. This would invalidate the bullish thesis and also mark a 27% crash for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.