Bitcoin has been stable for the past couple of weeks. It hasn’t crossed $10,000. This is a good thing for altcoins as investors are now buying them to have profit. LINK, ZIL, and ERD have shown massive movements. The Crypto enthusiasts are now naturally focusing on Binance Coin (BNB). It has stretched ahead of bitcoin with 17% gains.
When Binance Coin moves the other IEO tokens follow along. IEO is the Initial Exchange Offering which cryptocurrency exchanges issue to lure in investors. Experts believe that with the success of BNB an IEO might be over the horizon.
Binance Coin(BNB)/Bitcoin (BTC)charts:
This week, BNB/BTC has outperformed in 100 days and 200 days moving average. A surge came after this, in the past. So, the hopes are that the same will happen now.
Binance coin hit the bottom twice in the chart below. Afterward, a slight surge followed.
The price of BNB then tested 0.0016800 sats. This level consolidated as support. A minor downward trend resulted from it. The breakout pushed to the previous month’s range. This range was support at 0.0018000 sats with resistance at 0.0023000 sats. For an upside momentum regaining this support of 0.0018000 is necessary.
High gains can come out if the above-mentioned level of support is sustained. It essentially means that price has gone down, lost the support, and then regained it. The occurrence of this event is usually a sign that buyers are coming in.Nonetheless, the peak improvement for BNB/BTC pair is still a long way to go. Right now the pair needs to break the range resistance at the 0.0022500-0.0024000 sats level.
BNB/USDT should hold on at $17:
This pair is showing the resistance level at $16.50 to $17. Nonetheless, in order to maintain an upward trend, a support/resistance flip of the same level is required.
The analysis of 100 and 200 days moving averages reveal some interesting things.
Both MAs are below the BNB price. The same had happened at the beginning of 2019. As a result of that breakthrough, a cycle from $8 to a peak high of &40 reached. Besides, it was a pick-up of 500%. We can’t say with certainty that the same will happen now. However, it is an important sign. Currently, BNB/USDT is at a crucial place. After ist moves forward, two other barriers will stand at $21 to $21.50 and $25.75 to $26.25 respectively.
Will IEO’s Follow:
Like we said in the start, IEO tokes usually follow BNB movement. Elrond (ERD) one of the IEO has shown a 1000% improvement.
The ERD/BTC chart revealed that after the price went above 100 and 200 days MAs a massive surge in ERD price came along. This brought an increase of 1,485%. It is the most significant and substantial move of the year. The price is likely to keep increasing. Therefore it is not the best time to buy ERD. Additionally, the support level is quite lower than the current price.
However, all of this does show that IEO’s potential will increase as Binance Coin moves.
Same as ERD, Celer Network (CEL) is also showing the potential of price increase since May. Nevertheless, it is far behind the ERD. Yet, we can conclude that all IEOs are on the same path of the upward trend.
In conclusion, we will say that nothing can be said with surety about cryptocurrency market. This analysis is based on indicators’ study. Making your decision in the light this is on your description. We, at autotradingstrategies wish you good luck for your future endeavors in trade.
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