- Binance Coin breaks out, targeting $500; the MACD emphasizes the bullish grip on the price.
- Cardano will likely step above $2.5 after the ongoing consolidation.
Binance Coin leads altcoins in recovery on Wednesday, after accruing over 13% in gains toward the end of the Asian session. As discussed earlier, the rest of the market is relatively in green, bolstered by Bitcoin’s mission to rise to all-time highs.
The native exchange coin has cemented its bullish footprint in the market, with impressive gains in the last 24 hours. In September, BNB lifted to $545 but retraced almost, touching $300. The demand zone shaded green has been instrumental to the ongoing recovery.
Following a confirmed break above $400, Binance Coin attracted more buyers. Hence, the growing momentum and speculation for gains above the supply zone around $500.
After crossing above the mean line, the Moving Average Convergence Divergence (MACD) indicator added credence to the bullish outlook. As long as the 12-day EMA stays above the 26-day EMA, we expect BNB to carry on with the uptrend toward $500. Currently, bulls are highly aggressive, as observed with the RSI.
BNB/USD Daily Chart
Cardano continues with sideways trading in the wide range between $2 and $2.5. A recent attempt to close the gap to $2.5 and possibly make headway to $3 failed on its approach to the 50-day Simple Moving Average (SMA). The descending trend line added weight to this resistance, sabotaging the recovery mission.
ADA corrected toward $2 but currently trades around $2.1. The 100-day SMA has protected its immediate downside. Realize that the support zone in green is substantial to keep the price afloat. Thus, allowing bulls time to regroup before staging a formidable breakout to $2.5 and $3.5, respectively.
ADA/USD Daily Chart
The MACD and the RSI affirm Cardano’s consolidation. For now, few trade opportunities exist for ADA, but traders can look for a breakout likely to be triggered when the 12-day EMA crosses above the 26-day EMA. The bulls’ presence will be reinforced as the RSI lifts above the midline and toward the overbought area.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.