The recent developments in the Web3 ecosystem have led to the entire crypto market bleeding. But this one altcoin seems to be the least impacted.
Update 11 Nov. (17:30UTC): Following the announcement that Binance CEO Changpeng Zhao would be acquiring FTX.Com, The price of BNB soared as high as 23% reaching just under $400.
The battle between Binance CEO Changpeng Zhao (CZ Binance) and the FTX CEO Sam Bankman-Fried (SBF) seems to have gone full-blown. This morning, the FTX token (FTT) tanked by more than 30%.
The entire crypto market seemed to settle in over the last couple of months until the war between CZ Binance and SBF escalated. CZ Binance announced the decision to liquidate their FTT positions, and that raised insolvency concerns.
This altcoin stays afloat despite the blood in the entire market
While almost every crypto from the list of top 10 cryptocurrencies, according to the market cap, is down by nearly 5%, BNB seems to be the least impacted. BNB is down just 1.4% as of writing, according to BeInCrypto.
A popular crypto analyst, Miles Deutscher, believes that CZ is showing everyone who is the boss. But the community believes that CZ is a market manipulator trying to ruin the lives of private investors.
Will BNB survive the test of time?
BNB may have managed to stay afloat today, but the community believes it’s just a matter of time. People are busy safeguarding their tokens in FTX and dumping FTT and SOL. Further, there are speculations that SBF will sell their BNB holdings. But what does the BNBUSDT price action say?
BNB seems to have broken out of a slanted head and shoulder pattern in a 4-hour timeframe. Head and shoulder is a bearish pattern, and a breakdown may result in the price visiting lower zones. If the price closes above $330, this pattern may be invalidated.
BNB had a strong price action previously; hence it has multiple support zones. $300 is great psychological support if the price continues the downfall. Later BNB has support from $291- $294 because the 100-day Simple Moving Average (SMA) and 200 SMA in a 4-hour timeframe lie in the range.
BNB/BTC pair trading near all-time highs.
This cycle, BNB held up better than BTC. In fact, the BNB/BTC pair made a new all-time high in Aug. 2022 and has been in an uptrend since then. It is trading just 3% down from its all-time highs. But BNB/BTC seems to form a potential topping pattern.
The neckline of the head and shoulder is around 0.015890. BNB/BTC may enter a downtrend if the price breaks below this neckline. The trading pair may find support around 0.014737 at 200 SMA in a 4-hour timeframe.
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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Source: https://beincrypto.com/only-one-altcoin-stays-afloat-while-the-crypto-market-bleeds/