It is no news that the leading cryptocurrency exchange, Binance, recently announced that it has launched a $1 billion fund to accelerate the growth and development of the Binance Smart Chain (BSC) network.
The news went live more than 24 hours ago and racked up a lot of reactions. One of the reactions was the hike in the price of Binance native token, BNB. The coin has gone up by more than 12% over the past two days.
The coin price movement as of this time mimicks a previous pattern. The chart below shows BNB current price trend having a close semblance to the eclipse area. One of the striking features about these two movements is the double bottom they both possess. We noticed that a more than 50% surge followed as the Binance token rebounded from the second price low in the previous trend.
Based on price movements, having bounced off the second low two days ago, we should expect a price hike to $500 and above in the coming days. However, the stochastic oscillator is hinting at a stalemate at $460 and $480, we may expect that with market fundamentals becoming bullish BNB can surpass the set mark.
With RSI also hinting at the stalemate as there has been no visible change in the movement in the last 24 hours, the Stochastic Oscillator is pointing to an intraday close within $468 and $472. As traders anticipate the crossing of $500, Ether has a new high.
Ether Flips $3,700
We saw Ether flip the much anticipated mark over the last 24 hours. The $3,700 resistance fell prey to the raging bulls as ETH hit the mark for the first time since September 6. The coin got as high as $3,900 on binance and lower on other exchanges.
As the struggle between the bears and the bulls rage on, 62% of the $192 million that got liquidated in the past 24 hours are from short positions as crypto derivatives records yet another days low input.