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Binance Coin (BNB)

Binance Burns 2.25 Million BNB in Latest Token Burn Event

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Leading cryptocurrency exchange, Binance announced the completion of its 13th quarterly burn. The platform reportedly burned a total of 2,253,888 BNB, which is roughly equivalent to $68 million worth of tokens. This is its highest-ever burn with respect to dollar value and the fourth-highest in terms of the amount of BNB burned.

Announcing the same, Binance’s official blog post said,

“This effectively took $68 million USD worth of BNB out of circulation forever. This is a healthy, steady increase for our BNB burn in USD terms, compared to the last quarter.”

What is Token Burning and why is it important?

Token burning essentially involves the permanent removal of existing cryptocurrency coins from circulation. The practice of burning tokens is quite popular in the industry and the process is very simple. It’s a deliberate action taken by the company to remove a certain number of available tokens from circulation. There are multiple reasons as to why the creators choose to burn tokens. The most common of them is to enhance the value of each token by reducing the existing supply. This also helps the token holders to benefit in several ways from the process.

BNB’s Price Appreciation

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Binance Coin [BNB] has been outperforming the market for quite some time and was found to be trading at $30.63. The overhead resistance level stood at $33.4, the high that was established on the 14th of September. BNB has been greatly affected by the performance of Binance and a slew of positive announcements as it expanded its wings in the DeFi space. Especially the food token on the DeFi menu has significant bolstered the price and popularity of the token.

On a similar note, the blog mentioned,

“The new DeFi use cases absolutely helped BNB’s growth. From locking liquidity into Burger or PancakeSwap to paying for the minuscule gas fees on Binance Smart Chain, all of these helped expand the utility value of BNB. I want to take this opportunity to make a special thanks to all of our community members for contributing to the BNB ecosystem.”

This quarter has witnessed a significant growth of BNB as it rose from a low of $18 and growing by nearly 66%. Some of the other crucial drivers that could be attributed to the growth of the token were the introduction of Binance Liquidity Pool, Launchpool, and Binance Savings.

Ethereum, Binance Coin, Chainlink Technical Analysis On 13th October 2020

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It seemed like the market cap of the entire crypto-verse was on its way to soon hit $400 billion. At the time of writing the market cap was at $363.15 billion with a 0.67% daily increase. While the crypto community speculated that Bitcoin would breach $12k anytime now, the king coin continued trading for $11,454.57 during press time.

Ethereum [ETH]

With the ongoing bull run, the entire crypto market was seen witnessing a surge and ETH followed suit. Over the last seven days, the altcoin rose by 8.4% pushing its price close to $400. At press time, the second-largest cryptocurrency was trading at $382.08 with a 2.08% daily increase. The market cap of Ethereum was recorded at $43.17.

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ETH was undoubtedly on its way to hit $400 as the indicators used in the one-day price chart of the altcoin hinted the presence of bulls. The Parabolic SAR indicator formulated dotted lines below the candlesticks in the ETH market hindering the chances of a downward breakout. The bullish sentiment was reaffirmed by the Relative Strength Index [RSI] as the marker was way above 50 median.

Binance Coin [BNB]

The world’s largest cryptocurrency’s native coin, BNB was an unstoppable uptrend. The coin was trading at $30.85 during the time of writing while the daily price change was a positive 2.27%. The coin prolonged its stay as the sixth-largest cryptocurrency as its market cap was at $4.46 billion. Over the last seven days, the coin incurred gains up to 6.62%.

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The bulls had indeed taken over the crypto market. Binance’s native currency, BNB was headed to recording new highs as the Awesome Oscillator screamed bulls by forming green closing bars on its one day chart. The Chaikin Money Flow indicator highlighted a bullish takeover as the CMF marker was above zero and did not intend on depleting anytime soon.

Chainlink [LINK]

Living up to its label as the most promising coin of 2020, LINK was seen back on its feet after a brief setback. The seventh-largest coin was trading at $11.32 during the time of writing. LINK was one of the most profitable coins as it garnered gains up to 20.61% over the past seven days.

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LINK was going to prolong its journey to break its previous all-time high as the bulls were settling down in the LINK market. The MACD line took over the signal line and formed a bullish crossover. The Klinger Oscillator also welcomed the bulls into the market with a bullish crossover.

Binance Coin, Chainlink, Tron Technical Analysis On 11th October 2020

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The global cryptocurrency market noted an increase of 1.60% over the last day which pushed the market cap to $358.49 billion at the time of writing. Following the surge, Bitcoin along with several altcoins have kickstarted the much-anticipated rally as they broke significant resistance levels along the way.

Binance Coin [BNB]:

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Binance Coin [BNB] was down by 2.4% over the past day which drove the coin’s price to $28.19 as it held a market cap of $4.07 billion and a 24-hour trading volume of $360 million.

After posting a stunning rally, BNB topped out at close to $29.19 level of resistance. This was also evidenced by Klinger Oscillator and MACD which sustained a bearish crossover shortly after the collective crypto market rise.

As bulls appeared to have halted, the ball now lies in the bears’ court. If the downward momentum gets traction, it could drive the coin to retest the recently breached $27.17 support level before falling all the way to $22.17.

Chainlink [LINK]:

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Chainlink [LINK] was being traded at $10.53 after a decline of 1.43% over the past 24-hours. At the time of writing, the token registered a market cap of $3.68 billion and a 24-hour trading volume of $1.22 billion.

It continued to hover below its overhead resistance of $10.77.

The green closing lines of Awesome Oscillator depicted a bullish momentum for the coin. Chaikin Money Flow also spiked above the zero-line after a two-week-long bearish hiatus below it. This indicated an increasing inflow of money in the coin market. If the bulls manage to hold the current level, LINK could potentially target the aforementioned resistance level as the coin found significant support at $8.75

Tron [TRX]:

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Following the minor pullback of 1.65% over the last day, Tron [TRX] was priced at $0.0264 as it stood at a market cap of $1.89 billion and a 24-hour trading volume of $1.35 billion.

The dotted markers of Parabolic SAR aligned below the TRX price candles resisted a potential downtrend. The RSI, however, continued to face rejection at the 50-median neutral line. This pointed towards both bulls and bears strongly defended their respective levels. The coin found its immediate resistance at $0.030 while the support point stood at $0.023

Binance Coin, Tezos, Ethereum Technical Analysis on 8th October 2020

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The crypto industry was taking a break from being volatile as most of the coins were seen witnessing dainty changes in price. The market cap was also rising sluggishly by 0.30% and during the time of writing, the global crypto market cap stood at $334.78 billion. While Bitcoin continued reposing at $10,618, the king coin dominated the market by 58.7%.

Binance Coin [BNB]

Changpeng Zhao’s Binance Coin was seen falling back down after enjoying an uptrend over the past few weeks. The sixth-largest cryptocurrency with a market cap of $3.9 billion was trading at $27.01, at the time of writing. BNB was dropping by 1.28% over the last 24-hours and had endured a 6.96% dip in the last seven days.

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Looks like the bears had taken over the BNB market as the short-term price chart of BNB reported a strong bearish sentiment. With the formation of red closing bars, the Awesome Oscillator indicator was alerting the market of a bearish occupation. The Chaikin Money Flow [CMF] was aiding the claims of the Awesome Oscillator as the CMF market was below zero.

Tezos [XTZ]

XTZ was all the way in the seventeenth position with a market cap of $1.53 billion. The coin had endured more than an 11% plummet over the last seven days. At press time, the altcoin was priced at $2.05 while its daily drop was noted at 2.57%.

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The fate of XTZ was rather uncertain as both the key indicators used in the short term price chart of the altcoin gave contrasting opinions. With the signal line taking over the MACD line, the MACD indicator manifested a bearish crossover. However, the Klinger Oscillator was seen trying to open gates for the bulls with its bullish crossover.

Ethereum [ETH]

After grabbing the attention of the crypto-verse by hitting $400 multiple times over the last few months, ETH is most likely to take a long time to get there again. The second-largest coin was trading at $339.08 with an 8.01% dip in its price over the last seven days. The market cap of the altcoin stood untethered at $38.29 billion.

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Ethereum could continue its downtrend as the Parabolic SAR indicator formed dotted lines above the candlesticks. This is considered a bearish sign as the dotted lines hinder the possibility of an upward breakout. Lounging below the 50 median, the Relative Strength Index marker revealed sellers’ sentiment in the ETH market.

Bitcoin, Binance Coin, Litecoin Technical Analysis On 8th October 2020

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Bitcoin along with the rest of the cryptocurrencies bounced back up after a pullback. Over the last day, the global crypto market noted a minor surge of 0.72%. Despite this, Bitcoin’s dominance declined by 0.15% over the same period.

Bitcoin [BTC]:

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Bitcoin [BTC] noted a minor rise of 0.45% over the last 24-hours, pushing its price to $10,640. At the time of writing, BTC held a market cap of $196 billion and a 24-hour trading volume of $37 billion. The crypto appeared to be consolidating in a tight range-bound.

Bears appeared to have gained an upper hand despite the minor positive change. The dotted markers of Parabolic SAR hovering on top of the price candles resisted a potential upward trend by Bitcoin. The RSI continued to tread below the 50-median line depicting low buying pressure in the coin market.

If the negative trend continues, Bitcoin could target its immediate support point of $10,225 while its resistance remained unbreached at $10,811.

Binance Coin [BNB]:

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Binance Coin’s [BNB] attempts to surpass the recent high failed as it noted a decline of 0.55% over the last day, driving its price to $27.26 as it registered a market cap of $3,93 billion and a 24-hour trading volume of $387 million.

The red closing bars of Awesome Oscillator depicted a shift to bearish momentum as it closely mimicked the last price action. Chaikin Money Flow, on the other hand, continued to hover well above the zero-line depicting a strong inflow of capital in the coin market and an overall bullish phase for the coin.

BNB found its immediate resistance at $31.15 while its support stood untested at $22.75

Litecoin [LTC]:

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Litecoin [LTC] was being traded at $46.45 after a surge of 1.41% over the last 24-hours. At the time of writing, the coin recorded a market cap of $3.048 billion and a 24-hour trading volume of $2.36 billion.

Closely following Bitcoin’s price action, the silver crypto was also observed to be consolidating while exhibiting bullish patterns. Both Klinger Oscillator, as well as MACD, projected a bullish phase for the coin in the near term. If the bulls gain traction and manage to defend the current level, it could push the price closer to its overhead resistance of $50.78 while its immediate support level stood at $42.93.

Binance Coin, Bitcoin SV, Tron Technical Analysis on 4th October 2020

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The cryptocurrency market has been fairly stable and Bitcoin remained unfazed despite an eventful week that saw the Kucoin hack and CFTC announcing legal action against the crypto exchange, BitMEX. These are the signs of asset class maturing. At the time of writing, the global crypto market cap was found to be at $338.59 billion, a 0.63% increase over the last day.

Binance Coin [BNB]:

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Binance Coin [BNB] was up by 2.89% over the last 24-hours driving its price to $28.33. At the time of writing, the token registered a market cap of $4.091 billion and a 24-hour trading volume of $474 million.

BNB’s price appeared to have topped out as the red closing bar of Awesome Oscillator depicted a shift towards bearish momentum Chaikin Money Flow also appeared to take a plunge near the zero-line, nearly a month later, suggesting a decline in the inflow of the money into the coin market.

If this trend persists, BNB could retrace its steps back to its previous level of support at $22.93 while overhead resistance remained unbreached at $29.38.

Bitcoin SV [BSV]:

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Over the past 24-hours, Bitcoin SV [BSV] was down by 0.41% which caused a dip in its price to $161.01 as it held a market cap of $2.98 billion $491 million.

The fork coin was struggling close to its support level of $158.84. This was evidenced by Klinger Oscillator which depicted the reading line moving close to the signal line. Further reinstating the presence of bearishness was the MACD indicator which appeared to be heading for a bearish crossover in the near-term.

BSV was in a crucial zone at the time of writing. If the bulls fail to hold this level of support, BSV could fall to $106, a level that was last seen during the Black Thursday crash in March. Its immediate resistance level stood at $201

Tron [TRX]:

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Riding on the success of the DeFi wave, Tron [TRX] has managed to breach significant resistances along the way. However, a 4.14% decrease over the last day caused the coin to drop to $0.0261. At the time of writing, TRX held a market cap of $1.87 billion and recorded a 24-hour trading volume of $1.49 billion.

The dotted markers above the TRX price candles resisted an uptrend exhibiting a bearish phase for the coin. The RSI was struggling to breach the 50-median line depicting a sentiment of sell-pressure among the traders in the coin market.

Chainlink, Monero, Binance Coin Technical Analysis On 3rd October 2020

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After recording a slump over the past few days, the global market cap of the crypto-verse seemed to be increasing. At the time of writing, the overall market cap was surging by 1.73% pushing its final number to $337.28 billion. While Bitcoin continued to reside in the $10K zone, the dominance of the king coin was stuck at 57.8%.

Chainlink [LINK]

Chainlink has been touted as one of the best-performing assets this year. Despite its recent setback, the altcoin was seen striving to push past $10. After plummeting by over 13.81% over the last week, the coin was surging by 2.55% over the past 24-hours. During press time, LINK was trading at $9.28.

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The bulls were seen aiding LINK’s attempts to go beyond $10. Forming dotted lines below the candlesticks, the Parabolic SAR indicator affirmed a bullish sentiment in the LINK market. The dotted lines acted as a barrier against the possibility of a downtrend. The MACD indicator underwent a bullish crossover and lengthened the same.

Monero [XMR]

Monero was under the crypto spotlight following its significant price change. The privacy coin was seen surging by 6.48% over the last 24-hours and pushed its price past $100 to $102.33 during the time of writing. The market cap of the sixteenth largest coin was noted at $1.81 billion.

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The XMR market was seen tussling between the bears and bulls. The Awesome Oscillator highlighted the presence of bears in the XMR market by forming red closing bars. However, the Chaikin Money Flow [CMF] indicator was inclined towards the bulls as it was way above zero.

Binance Coin [BNB]

While several coins stumbled down the crypto ladder, Binance Coin [BNB] managed to retain its position as the sixth-largest crypto asset with a market cap of $3.99 billion. At the time of writing, BNB was trading at $27.69 with a 4.56% daily increase. The coin one of the top performers of the week as it garnered a total of 9.27% rise over the last seven days.

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The Binance Coin could witness a setback after its uptrend as the Klinger Oscillator underwent a bearish crossover. The Relative Strength Index [RSI] was exhibiting a sense of neutrality in the BNB market. The RSI marker was seen close to 50 median which wasn’t on either the oversold or the overbought zone.

Monero, Bitcoin SV, Binance Coin Technical Analysis On 30 September 2020

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The cryptocurrency market seemed to be taking the slogan “Go Green” a little too sincerely as almost the entire market was seen painted in green. The last seven days have been quite eventful for several cryptocurrencies as the prominent and the lesser-known ones were raging by huge numbers. The overall market cap on the hand had witnessed a dainty drop of 0.15%. At press time, the global crypto market cap stood at $344.62 billion while BTC dominance was noted at 57.6%.

Monero [XMR]

Last year, the privacy coin, XMR was subject to immense scrutiny by several cryptocurrency exchanges. Despite this setback, the altcoin continued to reign the crypto market with its price. Trading at $99.28, during the time of writing, Monero was seen rising by 9.19% over the last seven days. While its daily price increase was at 2.74%, the market cap of the coin stood at $1.76 billion.

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Notwithstanding its promising performance over the past few days, XMR was seen heading towards the bears. Earlier today, the MACD indicator underwent a bearish crossover. With the MACD line reposing below the signal line, there were no signs of a bullish crossover anytime soon. The Klinger Oscillator also underwent a bearish crossover further affirming the presence of bears in the XMR market.

Bitcoin SV [BSV]

The ongoing case against BSV founder, Craig Wright doesn’t seem to have meddled with the price of the coin. During the time of writing, BSV was trading for $174.92 and had recorded a 14.71% surge since the last seven days. The coin continued to remain in the top ten as its market cap lounged at $3.24 billion.

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The bears and the bulls put up a fight in the BSV market. The Chaikin Money Flow [CMF] indicator was seen inclined towards the bears as the CMF marker was below zero. However, the Awesome Oscillator indicator was telling another story as it highlighted the strong presence of bulls by forming closing green bars.

Binance Coin [BNB]

BNB has undoubtedly been a top-performing coin while its price stood at $28.25, the market cap of the coin lounged at $4.08 billion. The daily price change of the sixth largest coin was only 1.55%, however, the coin garnered a 20.11% increase over the last seven days.

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It seems like the Malta-based crypto exchange’s native coin was going to prolong its stay in the bullish realm. Forming dotted lines below the candlesticks, the Parabolic SAR indicator was revealing a bullish sensibility. The formation of these lines affirmed the elimination of chances for a downward breakout. Relative Strength Index [RSI] followed suit as it assured a buyers’ sentiment in the BNB market.

 

Binance Coin, Polkadot, Cardano Technical Analysis on 29th September 2020

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The color red was painted across the crypto market during the time of writing. With most of the coins recording critical dips, just two altcoins in the top ten were seen experiencing an increase in its price. The overall market cap of the crypto-verse followed suit as it was dropping by 1.78% pushing it down to $342.82 billion. The comprehensive sentiment of the entire industry seemed to be on the lower side as Bitcoin’s dominance was also down at 57%.

Binance Coin [BNB]

Climbing back to the top on the crypto ladder, BNB was noted as the sixth largest coin with a market cap of $3.94 billion. The price of the native currency of Malta’s Binance exchange was increasing at press time by 2.38%. BNB was trading at $27.29, while almost every other coin was recording a dip.

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The short term price chart of BNB revealed an optimistic sentiment. The Relative Strength Index [RSI] highlighted a buyers’ market as the RSI marker was at a high of 65.06 median. This sentiment seemed to have prolonged its stay in the BNB market and had even hit the overbought zone recently. The Chaikin Money Flow [CMF] was also exhibiting bullish fervor as the CMF marker was above zero.

Polkadot [DOT]

After being defeated by Bitcoin Cash and Binance Coin, DOT dropped down to the seventh position with a market cap of $3.86 billion. Despite this setback, the coin continued catching eyes with its daily price change. At the time of writing, the coin was trading at $4.54 with a 5.02% increase in its price over the last 24-hours.

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DOT’s daily price change left the community hoping for an uptrend. However, key indicators were singing another story. The Klinger Oscillator had recently undergone a bearish crossover and did not look like it was heading for a bearish crossover any time soon. The MACD indicator also followed suit with a bearish crossover as the signal line was seen above the MACD line.

Cardano [ADA]

Cardano managed to keep its position intact in the top ten as its market cap didn’t fall below $3.13. However, the price of the altcoin was seen dropping. At the time of writing, ADA was trading at $0.1006 with a 3.13% decrease over the last 24-hours.

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While the ADA market was seen enduring a plummet, the indicators were suggesting a positive tone in the market. The Parabolic SAR indicator had previously formed dotted lines above the candlesticks indicating bearish momentum. However, at the time of writing, a new set of dotted lines were seen birthing below the candlesticks restricting the possibility of a downward breakout. With the formation of green closing lines, the Awesome Oscillator revealed the presence of bulls in the market.

Tron, Cardano, Binance Coin Technical Analysis on 27th September 2020

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The cryptocurrency market remained fairly stable as the collective market cap witnessed a minor surge to $340 billion at the time of writing. Bitcoin was stuck below the $10,700 range despite its dominance rising to 57.8%. Similarly, no impressive price action was noticed for the altcoins as they headed slowly to recapture overhead resistances.

Tron [TRX]:

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Tron [TRX] was down by 6.37% over the last 24-hours which drove its price to $0.0262. At the time of writing, the coin registered a market cap of $1.88 billion and a 24-hour trading volume of $1.77 billion. The dotted markers of Parabolic SAR resisted a potential uptrend. The RSI further reinstated the rising downside pressure as it formed a bearish divergence. If the bulls fail to defend the current range, TRX could potentially fall to the $0.0199 support level as its resistance remained untouched at $0.028

Cardano [ADA]:

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After recording a minor surge of 0.51% over the last 23-hours, Cardano [ADA] was valued at $0.0953 as it held a market cap of $2.96 billion and a 24-hour trading volume of $609.5 million.

ADA broke out of its overhead resistance after flashing major buy signal over the weekend. This was further evidenced by the green closing bars of Awesome Oscillator which indicated a shift to bullish momentum. A spike to a bullish territory was also noted in Chaikin Money Flow indicating the flow of capital into the market. If bulls gain an upper hand over ADA’s price could target its immediate resistance of $0.103 as it found crucial support at $0.075-level

Binance Coin [BNB]:

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Over the past 24-hours, Binance Coin [BNB] surged by 4.48% driving its price to $26.14 as it registered a market cap of $3.77 billion and a 24-hour trading volume of $543 million. The coin had climbed to fresh highs in the month of September which is coincided with the launch of the Binance Smart Chain platform. Despite market corrections, the buyers were attempting to erase losses from the past few weeks, as BNB further formed a local top. This was further demonstrated by both Klinger Oscillator and MACD which appeared to be heading for a bullish crossover.

If the bulls gain necessary traction, BNB could reclaim its resistance of $31.177 as the coin was firmly supported at $22.75