Yahoo Finance Bitcoin and ETH Hold Strong, Why BNB Could Rally To $500
Key Insights:
Bitcoin broke the $44,500 resistance zone.
Ether is gaining pace above the $3,150 resistance zone.
BNB broke a major hurdle and might rally to $500.
Bitcoin
After a steady upward move, bitcoin price was able to settle above the $44,000 level. There was a clear move above the $44,200 resistance zone and the 21 simple moving average (H1).
The price even moved above the $44,500 level and is about to test the $45,000 resistance zone. A move above $45,000 could resend the price towards the $46,200 resistance. If not, it could start a fresh downside correction below $44,500.
The next major support is near the $44,000 level and a key bullish trend line on the hourly chart. A downside break below the trend line might call for a move towards the $43,500 level.
Ethereum (ETH)
ETH also gained pace after there was a close above the $3,000 level. The price gained pace above the $3,090 resistance zone and the 21 simple moving average (H1).
The bulls even pumped the price above $3,150 and the price is now approaching the $3,200 resistance. There is also a connecting resistance trend line at $3,190 on the hourly chart. A clear move above the trend line and $3,200 could send the price further higher.
On the downside, there is a strong support forming near $3,150. Any more losses may perhaps call for a test of the $3,090 support zone.
BNB
BNB formed a support base above the $340 level. The price started a steady recovery wave above the $350 resistance.
There was a clear move above the 50% Fib retracement level of the key decline from the $450 swing high to $324 low. There was also a break above a crucial bearish trend line at $403 on the daily chart.
BNB price settled above $400 and the 21-day simple moving average. It is now trading near the 76.4% Fib retracement level of the key decline from the $450 swing high to $324 low. The current price action suggests that the price could rise further above $450.
The next major resistance for the bulls could be $500. It is near the 1.236 Fib extension level of the key decline from the $450 swing high to $324 low.
If there is no upside break, the price could start a downside correction below the $420 level. The next major support is near $400.
ADA and DOT price
Cardano (ADA) rallied towards the $1.20 level before it faced sellers. The price is now consolidating below the $1.15 pivot level.
Polkadot (DOT) is up 3% and is moving higher towards the $21.20 level. The next key resistance is near the $21.50 level, above which the price could test $22.00.
A few trending coins are CRO, ETC, and RUNE. Out of these RUNE surged 15% and might continue to rise towards $10.
This article was originally posted on FX Empire
