Binance, the world’s biggest crypto exchange, holds considerable sway when it comes to the price action of altcoins and listing on the exchange tends to provide credulity to any asset. Such is the case with SLERF and Secret (SCRT).
The latest announcement led to a massive increase in the price of these tokens, reinvigorating investor interest as well.
Binance Lists Two New Tokens
Binance recently announced the listing of SLERF and SCRT tokens on Binance Futures. These tokens’ trading will be opened with a 75x leverage starting November 21. SLERF and SCRT’s listing on this exchange has piqued investors’ interest.
The listing expands the reach of these crypto tokens. Naturally, this triggered a massive surge in their prices.
SCRT’s price surged by 30% in the last 24 hours, peaking at $0.41 before retreating to $0.34. This marks a significant recovery for the altcoin following its recent corrections; signaling renewed bullish momentum as investors turn their attention back to the asset.
The rally has helped the altcoin recover a portion of the losses incurred after its 90% surge last week. Currently, the cryptocurrency is trading above the crucial support level of $0.30, providing a foundation for potential upward movement if market conditions remain favorable.
To sustain its momentum, SCRT must breach the $0.37 resistance and convert it into a support floor. However, a drop below $0.30 could invalidate the bullish outlook, potentially leading to further corrections and halting its recent recovery.
SLERF Price Prediction: Nothing Highs
SLERF saw a 47% surge in price over the last 24 hours following the announcement, with the token now trading at $0.429. This sharp increase highlights strong investor interest and bullish momentum, making SLERF one of the top-performing cryptocurrencies in the market today.
To sustain this rally, SLERF must flip $0.422 into a strong support level. Achieving this would enable the token to breach the $0.480 resistance level, setting the stage for a potential rise toward $0.500, further solidifying its recent gains and appeal among investors.
However, failure to establish $0.422 as support could reverse SLERF’s progress, leading to a price drop. If market conditions cool and the altcoin loses this critical support, SLERF might fall to $0.272, erasing its recent gains and invalidating the current bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/binance-listing-triggers-rise-in-crypto-tokens/