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Altcoins

BNB wants to cross $600, but why the altcoin may fall to $550 instead

TokenTalk Staff

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BNB wants to cross $600, but why the altcoin may fall to $550 instead
  • A bullish invalidation could send BNB down to $561.
  • Funding rate and sentiment were negative, suggesting a bearish bias.

Binance [BNB] could attempt to exit according to the 4 hour chart. But AMBCrypto’s analysis revealed that this effort could be in vain.

One of the reasons for this prediction is the exponential moving average (EMA). This indicator measures the direction of the trend over a certain period of time.

At press time, BNB changed hands at $586. But the 20 EMA (blue) and the 50 EMA (yellow) were in the same place. The EMA positions indicated the hesitation of the bulls and bears to direct the price action.

Therefore, BNB could trade in a tight range unless a crossover occurs.

The golden cross has disappeared: the next death cross?

If the 20 EMA rises above the 50 EMA, the price could extend around $593. But that seemed unlikely, as BNB’s next target could be $561, which is where the last gold cross occurred.

For those unfamiliar, the golden cross is the terminology used to describe a situation where the 20 EMA rises above the 50 EMA. If the 50 EMA rises above, it is called a famine cross.

BNB shows signals that can cause the price to fall

Source: TradingView

In addition to the indicator above, another which suggested a decline was the Money Flow Index (MFI).

This indicator uses price and volume data to show whether a cryptocurrency is under buying pressure or not.

At press time, the MFI had fallen to 66.04, indicating that BNB buying volume had declined. If the reading continues to decline, the bearish thesis could be validated.

However, this AMBCrypto analysis was not the only one to share this view. A review of on-chain data revealed that a large portion of the market expects the price of BNB to fall.

Bears double their bet

This was clear from the balanced feeling, which was negative at the time of going to press. This negative value shows that most comments about BNB on social platforms were bearish.

As long as that stays the same, it might be difficult for the price to climb. On the other hand, if remarks on BNB start to turn bullish, the trend could change.

Furthermore, an examination of the funding rate showed that it was at the extreme end of the negative zone. The funding rate means more traders have turned to short positions.

BNB traders prefer a short position

Source: Santiment

If the financing was positive, this would have implied that traders bullish on the part. Additionally, financing also impacts the price. At press time, BNB price declined while funding was negative.

Is your wallet green? Check the BNB Profit Calculator

The reasonable conclusion here is that fraudulent sellers are aggressive and get rewards for their positions.

In a case like this, BNB could dampen a bullish move, and a possible decline could be the next step unless spot buyers save the day.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

Now is the ‘best’ time to stack Altcoins as it’s the final ‘bottom’: Analysts issue warning

TokenTalk Staff

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These Altcoins are expected to outperform the crypto market in May!

Altcoins have begun to confuse analysts and investors, lacking clear guidance and seemingly stuck in a rut. Let us nevertheless examine the point of view of analysts wishing to decipher what is happening.

Analyst Mustache voiced optimism on its bullish outlook. Mustache cautioned against influencing short-term market fluctuations, viewing them as simply a retest, in his view.

Defi analyst Wolf dives into X and said it’s frustrating that people are complaining about RUNE’s price when all altcoins are struggling. He reminded everyone that RUNE went from $0.8 to $11 in seven months. Despite the current low interest in altcoins, RUNE’s fundamentals are at their best. He believes altcoins will soon shine again and RUNE will be one of the best performers. “We will see each other at new historic heights,” he concluded. This says a lot about what the analyst thinks about the altcoin rally.

Analyst Michael Van De Poppe wrote on You rode the wave. You wish you could have shopped here just three months ago. You will be happy for the 3-6 months you occupied during these periods.

Virtual Bacon suggested that altcoins could be about to bottom out, advising against selling at this point. For those looking to enter the market, he suggested now would be an opportune time to start taking action.

On the other hand, Poseidon highlighted that Bitcoin’s dominance respected the weekly ema21 without breaking this trend. If weekly closes begin to drop below this trend and the critical support/resistance level of 53.5%, it could pave the way for altcoins to flourish, potentially entering a phase of major gains.

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Altcoins

Shiba Inu Eyes Recovery, Analyst Eyes Rise to $0.0001

TokenTalk Staff

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Shiba Inu Eyes Recovery, Analyst Eyes Rise to $0.0001

Shiba Inu (SHIB) is currently eyeing a recovery surge as it slides into the oversold region, with one market analyst predicting an imminent rise to $0.0001.

The recent market bloodbath claimed many lives, and Shiba Inu was one of them. In particular, the Crypto Basic confirmed that the turmoil, which analyst Mike Deutscher attributed to “altcoin dispersion,” led to a loss of $137 billion in the combined market capitalization of the top 125 altcoins in two weeks.

Specifically, Shiba Inu lost $4.21 billion in valuation during this period, as its market cap fell to $10 billion. This is due to a fall from a high of $0.00002633 on June 5 to the current value of $0.00001820, representing a massive collapse of 31% in just two weeks.

Shiba Inu now extremely oversold

Although this decline has left many investors in a losing position, some technical indicators have slipped into bullish regions. For example, the Shiba Inu Relative Strength Index (RSI) has since fallen to an all-time low of 15, according to the market. data from CryptoQuant.

Shiba Inu RSI oversold CryptoQuantShiba Inu RSI oversold | CryptoQuant

This extremely low value indicates that SHIB is significantly oversold. This low RSI value suggests that selling pressure is very high and Shiba Inu may be undervalued. The current position of the RSI is generally interpreted as a potential buying opportunity, with market analysts expecting a price reversal or rebound soon.

With Shiba Inu Eyeing a recovery from recent lows, market participants are increasing their holdings in anticipation. Santiment data shows that small investors holding between 100,000 and 1 million tokens purchased 2 billion SHIB this month, while large whales holding at least 1 trillion SHIB accumulated nearly 500 billion tokens .

Shiba Inu addresses Santiment 4Shiba Inu addresses Santiment 4Shiba Inu Addresses | Feeling

An imminent recovery

Interestingly, market analyst Sam_TCR predicted this rally in a previous TradingView. analysis. The analysis was carried out when Shiba Inu had not fallen to this level, trading at $0.000022. With SHIB now below the $0.00002 level, the analyst’s projection of a resistance point at $0.00002320 remains valid.

According to him, if Shiba Inu manages to cross the $0.00002320 level, its next resistance will be at $0.00002550. He predicted that a push above the $0.00002550 roadblock would pave the way for an imminent rally towards the coveted $0.0001 price. Michael, another analyst, also waits a rally to the $0.0001 level.

Meanwhile, at its current price of $0.00001820, SHIB faces more formidable resistance on the way to $0.0001. The token must first break through the psychological $0.00002 level before using it as a launchpad for significant upside.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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Altcoins

Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

TokenTalk Staff

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Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

BitMEX Co-Founder Arthur Hayes Increases His Bullish Sentiment on Dogecoin (DOGE) and Pendle (PENDLE) despite the sudden slowdown in crypto.

Hayes tell its 524,900 followers on social media platform

“I love this choppy downward trend in shitcoin prices. I add PENDLE and DOGE to my bags.

DOGE is trading at $0.12 at the time of writing, up more than 2% in the last 24 hours. Meanwhile, PENDLE is trading at $5.65 at the time of writing, up almost 13% on the day.

Hayes, who is also an advisor to the Pendle project, was recently spotted will lock $8.4 million worth of PENDLE tokens until September 5 this year.

PENDLE, the platform’s native token, can be used to earn rewards by those who provide liquidity to the protocol. The PENDLE token lock can last up to two years and allows users to vote on governance proposals while earning 3% of all yield accrued by its Yield Bearing Tokens (YT).

Another project that Hayes said he is optimistic about is Ethereum (ETH) competitor Aptos (APT). Hayes predicted that the Aptos layer 1 (L1) smart contract blockchain will surpass Solana (GROUND) this market cycle in one to three years.

Aptos is trading at $6.81 at the time of writing, up more than 2% in the last 24 hours.

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Altcoins

The ALTcoin market has an incomplete impulse cycle

TokenTalk Staff

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The ALTcoin market has an incomplete impulse cycle

https://news.google.com/./articles/CBMiXWh0dHBzOi8vd3d3LmJhcmNoYXJ0LmNvbS9zdG9yeS9uZXdzLzI2OTM3NDcyL2FsdGNvaW4tbWFya2V0LWhhcy1hbi1pbmNvbXBsZXRlLWltcHVsc2l2ZS1je WNsZdIBAA?hl=en-US&gl=US&ceid=US%3Aen

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