Market
Can BNB Coin Price Rally to $730 Soon?
Binance Coin (BNB) may be on the verge of following a similar trend to Solana’s (SOL) price despite having a larger market cap than the latter. This forecast is based on the signs displayed by several technical indicators.
Currently, BNB’s coin price is $590, representing an 87% increase year-to-date. However, this value also indicates that cryptocurrency is down 18% from its all-time high. Here is why BNB could soon begin a run that takes it notably above the peak it reached in July.
Binance Coin Wants to Mirror Solana’s Movement
While BNB traded sideways, Solana’s value jumped nearly 5% within the last 24 hours. This price action makes SOL the best-performing asset out of the top 10 as it decoupled from the broader market.
According to BeInCrypto’s findings, SOL’s price movement took place during a period of broader market pessimism, suggesting that the altcoin defied crowd expectations.
Interestingly, BNB’s price seems to be facing a similar situation. According to Santiment’s data, Binance Coin’s Weighted Sentiment has dipped into negative territory, indicating that the majority of discussions surrounding the coin are currently pessimistic.
Read more: BNB Crypto Storage: Best BNB Wallets to Consider in 2024
Meanwhile, the Chaikin Money Flow (CMF) on the BNB/USD daily chart has increased. This indicator helps to monitor capital flow into a cryptocurrency and evaluates the strength of a trend.
When the CMF rises, there is a good level of accumulation, and the price can move upwards. A decline, on the other hand, indicates distribution, suggesting that the trend could be weak at this point. However, since it is the former, it means that BNB’s coin price is likely to climb higher than $600 in the coming days.
BNB Price Prediction: Target on $730
A further look at the BNB coin technical setup shows that the coin has formed an ascending triangle. An ascending triangle pattern is a bullish continuation pattern that forms after a prolonged uptrend.
It is characterized by price movements, with a horizontal line drawn along the swing highs and a rising trendline formed by the swing lows. This setup signals that buyers are gaining strength and typically precedes a breakout to the upside.
As seen below, BNB’s coin price has sustained this pattern, suggesting that it could be challenging for the coin to experience a correction. Notably, the cryptocurrency has to break above the 61.8% Fibonacci level, which has historically proven to be a significant resistance. Currently, that resistance is around $602.
Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030
Should bulls maintain the buying pressure, then BNB’s value could rise by 25% and hit $730. On the other hand, if the coin gets rejected again at $602, this prediction might not come to pass. Instead, the price might drop to $564.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Toncoin’s Adoption Rate Drops to 10-Month Low—Impact on Price
Toncoin’s price has struggled to gain upward momentum in recent weeks, repeatedly failing to breach the critical resistance at $5.37 throughout the month.
This persistent inability to surpass this barrier has created bearish pressure on the cryptocurrency, leading to a loss of traction among investors. As a result, Toncoin’s recent price action has been characterized by stagnation, raising concerns about its future direction.
Toncoin Enthusiasts Back Off
The adoption rate of Toncoin has dropped to a 10-month low of 18%, indicating a sharp decline in new investors joining the network. TON’s Adoption rate, measured by the formation of new addresses on the network, is a critical metric to gauge the health and growth of a blockchain project. A low adoption rate suggests that Toncoin is struggling to attract new users, which could affect its overall market performance.
This decline in adoption signals waning interest in the project, with fewer new investors entering the market. The drop in new addresses also reflects the broader bearish sentiment surrounding Toncoin, as fewer participants are engaging with the cryptocurrency. If this trend continues, it may put additional downward pressure on Toncoin’s price and market activity.
Read more: What Are Telegram Bot Coins?
Toncoin’s macro momentum is also facing challenges, with the Relative Strength Index (RSI) showing signs of a downtrend. The RSI, a key technical indicator, is currently failing to secure its position above the neutral line, signaling increasing bearish momentum. If Toncoin cannot break out of this macro downtrend, the bearish pressure could continue to build, negatively impacting its price.
Additionally, the overall market conditions for Toncoin are weak, as broader cryptocurrency market sentiment remains fragile. The combination of low adoption and a declining RSI suggests that Toncoin is likely to remain in a bearish state unless significant buying pressure emerges to counter the downward trend.
TON Price Prediction: Keeping at a Low
Toncoin’s price has been stuck below the $5.37 resistance since the beginning of the month. A breach of this level is crucial for Toncoin to gain momentum and push toward $6.00. However, given the current market conditions, this breakthrough seems unlikely in the short term.
Despite the bearish sentiment, Toncoin’s price is holding above the $4.86 support level. This suggests that while upward momentum is lacking, Toncoin is likely to remain consolidated within this range, staying above $4.86 but below $5.37.
Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners
If Toncoin can eventually breach the $5.37 resistance and find enough bullish momentum, the price could rally beyond $6.00. This would invalidate the current bearish-neutral outlook, signaling a potential shift in market sentiment.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
What Does a Death Cross Mean for XRP Price?
XRP price has struggled to regain bullish momentum over the past four weeks, with the altcoin experiencing a lack of significant movement. As a result, many key holders have seen their profitability decline, putting additional downward pressure on the cryptocurrency.
The recent price stagnation has left investors concerned about the future trajectory of XRP, especially with bearish indicators now emerging.
XRP Investors Are Dejected
The MVRV Long/Short Difference for XRP has recently slipped into negative territory following a correction over the last three days. When the MVRV is positive, it suggests that long-term holders (LTHs) are profitable, while negative values indicate that short-term holders (STHs) are more profitable. Currently, with the MVRV sitting at -0.08%, both LTHs and STHs are at parity, reflecting a weak market.
The fact that neither group is in significant profit highlights the ongoing uncertainty surrounding XRP. This equilibrium suggests that XRP lacks the necessary momentum to break out of its current range, making it vulnerable to further corrections if broader market conditions worsen.
Read more: XRP ETF Explained: What It Is and How It Works
From a technical perspective, XRP’s macro momentum is showing signs of weakness. The cryptocurrency’s exponential moving averages (EMAs) are forming a death cross, a bearish signal that occurs when the short-term EMA crosses below the long-term EMA.
Historically, these death crosses in weak markets have tended to last for shorter durations, which may be the case for XRP at present. However, if the broader market crashes, the death cross could persist, extending its negative impact on XRP’s price over a longer period.
XRP Price Prediction: Consolidation Remains Intact
XRP’s price is currently hovering above the 38.2% Fibonacci Retracement line at $0.52, which has acted as a critical support level for the altcoin. This level will likely continue to provide strong support in the near term, serving as a key area of defense for investors looking to hold onto their positions.
Additionally, XRP faces resistance at $0.55, which coincides with the 50% Fibonacci line. This combination of support and resistance has created a consolidation range for XRP. Given the ongoing technical and market conditions, this consolidation is expected to remain intact for the coming days, with XRP unlikely to break out of this range without significant external catalysts.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, should the death cross lead to further downward pressure, XRP could lose its support at $0.52. This could trigger a drop to $0.47, a level that would invalidate the current bearish-neutral outlook and suggest a more significant correction is underway.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Price Strengthens, US Jobs Market Shows Weakness
All eyes were on the US jobless claims on Thursday to see if there are any signs of weakness starting to creep into the job market.
While this lagging indicator is not the best at timing, it often gives some perspective and has the potential to move the crypto markets, with a special focus on Bitcoin (BTC).
Bitcoin Price Shows Strength On Weak US Jobs Data
Bitcoin is up by a modest 2%, holding well above the $67,500 threshold in the immediate aftermath of the US initial jobless claims. BeInCrypto data shows BTC is trading for $67,688 as of this writing.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
The surge comes after the Bureau of Labor Statistics (BLS) reported that the US recorded 227,000 unemployment claims last week. This marks a meager decrease from the 241,000 recorded in the week ending October 12. While it falls slightly lower than the expected 242,000, the data still points to a weakening jobs market in the US.
“The US labor market continues to weaken: Job postings have declined 27.4% year-over-year to their lowest since January 2021, according to Indeed data. Job postings have declined for 2.5 years straight and are now down 45% since the February 2022 peak. As a result, job vacancies reached their pre-pandemic levels seen in February 2020,” global capital markets insights provider Kobeissi Letter noted.
Meanwhile, economists suggest that job openings could continue falling in the coming months as the labor market continues to deteriorate. As BeInCrypto reported, the lackluster job market in the US is fueled, among other reasons, by concerns about climate-related catastrophes.
“Initial unemployment claims fell back in the week-ended Oct 19 after hurricane distortions. Labor market cooling gently, but no evidence of any layoffs wave that could precipitate broader slowdown,” economist Gregory Daco said.
If the effects of the hurricane continue, the jobs market in the US may deteriorate further if numbers are enough to go by. This is because workers need to be unemployed for at least three weeks before filing for unemployment benefits. Until now, the US is three and a half weeks from Hurricane Helene and two and a half weeks from the Milton hurricane.
The lack of infrastructure in some of the hardest-hit areas in Florida and North Carolina may have created some lag in new filings, positioning next week for even worse unemployment numbers.
This could affect sentiment toward the Federal Reserve’s (Fed) rate plan, which has a dual mandate to achieve price stability and maximum employment.
Read more: How to Protect Yourself From Inflation Using Cryptocurrency.
Therefore, given the weakening jobs market in the US, the Fed is more inclined to continue cutting interest rates at the next meeting.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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