Crypto News

Binance Coin Could Be Set For A Litmus Test, Eyes $280

BNB price ranges below 50 and 200 EMA on the daily timeframe.  BNB shows bullish strength on the 4H timeframe as price breaks an asymmetric triangle. The price could be poised to retest the 1D and 4H resistance of $280.  Binance Coin (BNB) price showed bullish strength in recent weeks, but the price has failed to match that run against tether (USDT). With the price of Binance Coin facing resistance to breaking above $337, acting as a tough resistance area, the price of BNB has maintained a downtrend as the price broke its bullish structure. (Data from Binance) Related Reading: Why Investing In Terra Classic (LUNC) May Be A Bad Idea Binance Coin (BNB) Price Analysis On The Weekly Chart The price of BNB has recently declined after bouncing from its weekly low of $210 as a price rally to a high of $340 before facing a stip rejection, and the price has struggled to re-establish its bullish trend. The price of BNB is still above a critical support level of $270, which acts as a good demand zone for buy orders. The price of BNB must break through its weekly resistance of $280 in order to trend higher. To restore a relief bounce, the price of BNB must break and hold above the $280 resistance, which is preventing the price of BNB from trending higher. If the price of BNB continues to reject $280, we may see a retest of $270 and possibly a lower support area of $210 on the weekly chart. If the price of BNB breaks and holds above $340, this could start a major rally as this has proven to be a tough area to break out for BNB price. Weekly resistance for the price of BNB – $340. Weekly support for the price of BNB – $270. Price Analysis Of BNB On The Four-hourly (4H) Chart The price of BNB continues to show strength in the 4H timeframe, breaking out of its downtrend range after forming an asymmetric triangle with good volume. The price of BNB is $278, which is higher than the 50 EMA but lower than the 200 EMA. The 50 EMA acts as a support for the BNB price, while the 200 EMA acts as resistance. Prices at the 50 and 200 EMA for BNB are $274 and $280, respectively. Four-Hourly resistance for the BNB price – $280. Four-Hourly support for the BNB price – $274-$250. Onchain Analysis Of BNB The price of BNB from the on-chain analysis looks more decent, producing a reasonable return on investment (ROI) compared to other crypto assets that have struggled for the past three months. With backing from investors and partnerships, the price of BNB could do well. Related Reading: XRP Price Stumbles Near $0.47, What’s Next With Selling Pressure Building? Featured Image From zipmex, Charts From Tradingview and Messari

Altcoins Analysis Bitcoin Blockchain

Big Eyes (BIG) to Familiarize Crypto Enthusiasts with Established Platforms, Including Solana (SOL) and FTX(FTT), and also Protect the Oceans

Big Eyes to Triumph Over Ethereum and Solana By Raising $1M in Beta Sale: On Track for $50M

Undoubtedly, the cryptocurrency space has become a part of every sector in the world, from finances to entertainment. Especially the financial system has witnessed a revolution, thanks to decentralised platforms like Solana (SOL) and FTX (FTT). These platforms have superb features that can only be understood with a meme coin like Big Eyes (BIG). Big […]

Crypto News Ethereum

China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist. One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient. Related Reading: TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade. Is Ethereum Merge Major Cause Of GPU price Crash? South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices. Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months. According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market. Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near. SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand. Retailers Lower GPU Prices Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market. According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%. Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks. Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices. Featured Image From Pixabay, Charts From Tradingview

Bitcoin Crypto News

TA: Bitcoin Price Holds Ground, Why Close above $20K Is The Key

Bitcoin is holding the key $18,500 support zone against the US Dollar. BTC must settle above the $20,000 resistance zone to move into a positive zone. Bitcoin is struggling to gain momentum above the $19,500 resistance zone. The price is trading below $19,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $19,020 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could stage a fresh rally if there is a clear move above the $19,500 resistance zone. Bitcoin Price Consolidates Bitcoin price made another attempt to clear the $19,500 resistance zone. However, BTC struggled and formed a short-term top near the $19,400 level. A high was formed near $19,392 and the price declined. There was a move below the $19,000 level and the 100 hourly simple moving average. The pair traded as low as $18,645 and is currently consolidating losses. There was a minor increase above the $18,800 level. Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low. On the upside, an immediate resistance is near the $19,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $19,020 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $19,392 swing high to $18,645 low. Source: BTCUSD on TradingView.com The next major resistance sits near the $19,500 zone. A close above the $19,500 level might start a fresh surge to $20,000. Any more gains might start a steady increase and the price might rise towards the $21,500 resistance zone. Fresh Decline in BTC? If bitcoin fails to recover above the $19,500 zone, it could start a fresh decline. An immediate support on the downside is near the $18,650 zone. The next major support is near the $18,500 level. A clear move below the $18,500 zone could set the pace for a fresh decline. In the stated case, the price may even test the $17,500 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level. Major Support Levels – $18,650, followed by $18,500. Major Resistance Levels – $19,000, $19,350 and $19,500.