Binance coin and most cryptocurrencies are rising. The crypto market as well has resumed its uptrends and is seeing a greater increase in valuation. It has returned above $1.8 trillion after dipping as low as $1.67T.
The most recent state of the market is shared by most projects, as Apecoin surged by more than 20%. The top gainer over the last 24 hours is a fairly new addition to the top 100. Skale Network (SKL) is up by 24%.
With the start of the uptrend, several coins are reclaiming levels that were once lost.
Binance Coin Reclaims $400
Binance coin failed to record any significant gains last week. It dipped to a low of $395 and closed with little losses. Closing at $399, it is clear that it lost the $400 support which was regained on Monday.
Seeing increased trading volume during the first day of the current intraweek session, the tone for a very volatility-filled week was set. Met by immediate seller congestion, BNB dipped to a low of $382.
After rebounding, the asset had a short squeeze that saw it close at $404. Tuesday was worse as it lost more than 4%, dipping as low $381. The next day saw the exchange coin enjoy more uptrend. Currently up by almost 4%, BNB is back above $400.
Several indicators are hinting at the continuation of the uptrend. One such is the Relative Strength Index (RSI). The most recent reading shows the metric at 48, which is an improvement from the previous ones.
The Moving Average Convergence Divergence (MACD) is also picking up pace. Both Exponential Moving Averages (EMA) are losing in on each and hinting at a bullish divergence. Additionally, the most recent increase has seen binance coin edge closer to testing its pivot point.
Key Levels to Watch
Supports: $380, $360
Resistance: $440, $420
Based on the recent price movement, a flip of the pivot point will set BNB up for a retest of the $420 resistance. Maintaining the same momentum may be a bit hard as the asset is bound to experience sellers’ congestion after the mark.
Breaking all the resistance and sustaining the upward trajectory may result in the coin testing $440. However, a change in sentiment may see it lose key levels.
As per previous price movements, we may expect BNB to trade close to $400 after losing the mark. The project may experience more downtrend if the bearish grip continues. The exchange coin may dip as low as $380. A flip of the highlighted level may result in asset retesting the $360 support.
ApeCoin Retest $27
Recall that a weekly outlook stated that Apecoin will look to flip $20 and depending on the momentum, we may see an attempt at $23. True to this prediction, APE crushed both resistance.
The bulls sustained the uptrend and we observed that $25 also fell victim to the uptrend. A few minutes to the time of writing, the token tested and flipped $27 and hit a high of $27.6. It was hit by an immediate correction and the increase was halted.
Currently struggling at $25, APE may experience more downtrend as the asset is overbought. With no strong support, apecoin may retrace as low as $23.