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Can Binance Coin (BNB) Remain Above this Channel?

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Binance Coin (BNB) is gearing to extend its seven-day gains. Readings from the coin’s price movements on a one-day chart reveal that it has broken above the descending channel within which it has traded since early June. 

If this breakout is successful, the fourth cryptocurrency by market capitalization will trade at a monthly high of $598.90.

Binance Coin Bulls Pushes For More

BNB’s price decline since the beginning of June has led to a descending channel formation. This pattern is formed when an asset’s price consistently forms lower highs and lower lows, creating a downward-sloping channel on a chart. This bearish pattern indicates that sellers have control, and the asset’s price may continue to fall if it remains within the channel.

Since it began trending within this channel, its price has dropped by 17%. However, with a surging bullish bias toward the altcoin following the general market decline of August 5, BNB has broken above this bearish channel.

bnb descending channel
BNB Price Analysis. Source: TradingView

When an asset’s price nears the upper line of a descending channel, it suggests weakening downward momentum. A successful breakout signals a shift from bearish to bullish sentiment, with market control moving from sellers to buyers. Traders often interpret this as a continuation of an uptrend.

For BNB, the technical setup on its one-day chart supports this outlook. The Moving Average Convergence Divergence (MACD) indicator shows the MACD line (blue) positioned above both the signal and zero lines (orange). This is a bullish signal, indicating sustained buying pressure and upward momentum.

The MACD, which tracks price trends, direction, and momentum changes, typically confirms bullishness when the MACD line is above both the signal and zero lines. This setup suggests that BNB is currently in an uptrend.

Further supporting this outlook, BNB is trading above the Leading Span A of its Ichimoku Cloud and is approaching the Leading Span B. This position within the Ichimoku Cloud indicates that the market is in a bullish phase, with potential for continued upward movement.

Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030

bnb ichimoku cloud and macd
BNB Price Analysis. Source: TradingView

Leading Span A and Leading Span B are key components of the Ichimoku Cloud, an indicator that identifies trends, support, resistance levels, and potential market reversals. While it rests above the Leading Span A, BNB’s successful break above the Leading Span B will signal a continuation of the bullish trend.

BNB Price Prediction: Coin Remains at Risk of Swings

While BNB’s current technical setup is bullish, growing market volatility puts it at risk of swings in either direction. This is gleaned from the widening gap between the upper and lower bands of its Bollinger Bands indicator.

An asset’s BB indicator measures market volatility and identifies potential overbought or oversold conditions. The upper band represents the higher range of an asset’s price movements, while the lower band tracks the lower range. When the gap between these bands widens, it suggests that market volatility has increased.

bnb bollinger bands
BNB Price Analysis. Source: TradingView

BNB maintains a bullish bias from its holders, as indicated by its positive weighted sentiment on-chain, currently at 1.87. This metric measures the market’s overall sentiment regarding the asset.

When the value is above zero, it shows that most online mentions, news, and social media discussions are optimistic. A positive weighted sentiment is often a precursor to continued price growth.

Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know

bnb price prediction
BNB Price Analysis. Source: TradingView

If this bullish sentiment holds, BNB’s price could rally to a one-month high of $598.90. The ongoing optimism from holders suggests sustained confidence in the asset, potentially driving further upward momentum in the near term.

However, if the trend reverses and the bears re-emerge to reclaim control, the coin’s price may drop to $560.90.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin ETFs Could Overtake Gold ETFs by End of The Year

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Spot Bitcoin exchange-traded funds (ETFs) in the US are nearing a major milestone. They are set to become the biggest BTC holders in the world, even surpassing the amount held by Bitcoin’s creator, Satoshi Nakamoto.

Additionally, they are catching up to gold ETFs in total net assets.

Bitcoin ETFs on The Verge of Surpassing Satoshi Nakamoto’s BTC Stash

Since their launch in January, US spot Bitcoin ETFs have grown significantly. According to crypto analyst HODL15Capital, these funds now hold about 1.081 million Bitcoin, just below Nakamoto’s estimated 1.1 million.

Satoshi Nakamoto, the anonymous creator of Bitcoin, is believed to own approximately 5.68% of the total Bitcoin supply. These holdings, valued at over $100 billion, place Nakamoto among the world’s wealthiest individuals — if they are alive and a single person.

However, Bloomberg’s Senior ETF Analyst, Eric Balchunas, pointed out that ETFs are now 98% of the way to overtaking Nakamoto. He predicted that if the current pace of inflows continues, this could happen by Thanksgiving.

“US spot ETFs now 98% of way there to passing Satoshi as world’s biggest holder. My over/under date of Thanksgiving looking good. If next 3 days are like the past 3 days flow-wise it’s a done deal,” Balchunas stated.

Bitcoin ETFs Data
Bitcoin ETFs Data. Source: X/HODL15Capital

SoSoValue data shows inflows into these ETFs grew by around 97% week-on-week to $3.3 billion over the last five trading days, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $2 billion. This surge coincides with the introduction of options trading for these products, which many believe is attracting more institutional investors.

Meanwhile, Bitcoin ETFs are also narrowing the gap with gold ETFs, which currently hold $120 billion in assets under management (AUM). According to Balchunas, Bitcoin ETFs manage $107 billion and could overtake gold ETFs by Christmas.

These bullish predictions reflect Bitcoin’s exceptional performance in 2024. The top cryptocurrency has surged nearly 160% since January, trading near the $100,000 landmark. In addition, its $1.91 trillion market capitalization now exceeds that of silver and major corporations like the state-owned oil company Saudi Aramco.

However, BTC still lags behind gold, which remains the world’s largest asset with a market capitalization of more than $18 billion.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why Ethereum Price May Fall Under $3,000

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Ethereum (ETH) is currently facing significant downward pressure, with its price declining by 3% over the past 24 hours. This bearish trend could push ETH’s price below the critical $3,000 price level.

This analysis examines the factors contributing to this likelihood.

Ethereum Sellers Re-Emerge

An assessment of the ETH/USD one-day chart has revealed that the coin’s moving average convergence divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is attempting to fall below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. A MACD death cross occurs when the MACD line (the shorter-term moving average) crosses below the signal line (the longer-term moving average), indicating a bearish trend or momentum reversal. This signal suggests that selling pressure is increasing, and the asset’s price could decline further.

ETH MACD
ETH MACD. Source: TradingView

ETH’s rising Aroon Down Line confirms this strengthening bearish pressure. It currently sits at 78.57%, confirming that the decline in ETH’s price is gaining momentum.

The Aroon Indicator evaluates the strength of an asset’s price trend through two components: the Aroon Up line, which reflects the strength of an uptrend, and the Aroon Down line, which reflects the strength of a downtrend. A rising Aroon Down line indicates that recent lows are occurring more frequently, signaling growing bearish momentum or the start of a downtrend.

ETH Aroon Down Line
ETH Aroon Down Line. Source: TradingView

ETH Price Prediction: Key Support Level To Watch

ETH currently trades at $3,333, resting above the support formed at $3,203. This level is crucial because a decline below it will cause ETH to exchange hands under $3000. According to readings from the coin’s Fibonacci Retracement tool, the Ethereum price will drop to $2,970 if this happens.

ETH Price Analysis
ETH Price Analysis. Source: TradingView

However, a resurgence in the demand for the leading altcoin will invalidate this bearish thesis. If this occurs, Ethereum will rally toward $3,500.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition

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Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.

According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.

Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie

The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.

Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.

Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.

Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.

As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.

Tether USDT Supply
Tether’s USDT Supply. Source: Tether

The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.

This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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