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BNB Resilience: Holding Firm At $560 – What’s Next?

The price of BNB hasn’t fallen below its previous low, and it’s showing some strong signs of heading up. After a spell of moving downward, the Binance Smart Chain’s native token is aiming for an upward bounce back towards its earlier high.

Technical Indicators Point Toward Sustained Uptrend For BNB

To figure out where the BNB price might be headed next, several indicators can be used to examine the chart:

BNB

4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. This can be seen in the above image.

RSI 4-hour Timeframe: The formation of the Relative Strength Index (RSI) in the below image also suggests an upward movement as the RSI signal line is seen trending above the 50% level. This indicates that buyers are still very active in the market therefore overpowering the strength of sellers.

4-hour alligator: A look at the alligator indicator from the 4-hour time frame shows that BNB is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might be starting a new rally.

BNB

At the time of writing, the price of BNB was up by 1.35% and was trading around $561 in the last 24 hours. BNB price is showing bullish signs and also forming a base above the $508.1 support level. Also, the price is trading above the bearish trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart.

Final Thoughts

From the previous downward movement, the price of BNB has managed to create one major resistance level of $635 and one major support level of $508. Currently, BNB is moving toward this resistance level and if it breaks above this level, the price might go even further to create a new high. 

On the other hand, if the price fails to break above this major resistance, it will reverse and start a downward movement toward its previous support and if it manages to break below this support level, the price might move further downward thereby starting a new downward trend.

BNB

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Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying?

On-chain data shows a Dogecoin whale made a large withdrawal from Binance today, which may be bullish for the memecoin’s price.

A Large Amount Of Dogecoin Has Left The Binance Platform In The Past Day

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Dogecoin blockchain during the past day.

In this move, the network has processed the movement of 304,588,737 DOGE, worth around $52.3 million when the transaction was executed. Given the large scale of the transfer, it’s likely that a whale entity was involved.

The whales are influential on the network due to the sheer number of tokens they carry in their wallets. As such, their moves can be worth keeping an eye on since they may cause noticeable fluctuations in the market.

How the market would be affected by the moves from these humongous entities depends on what they intend to do with those moves. Naturally, it’s impossible to say what an investor plans to do confidently.

The type of addresses involved in the transaction, however, can sometimes at least provide a hint about what the whale may have wanted to achieve with the move.

Below are the details of the latest Dogecoin whale transaction, which reveals its relevant addresses.

Dogecoin Whale Outflow

As is visible, this Dogecoin transaction was executed from a wallet connected to the cryptocurrency exchange Binance. The destination of the move appears to have been a couple of unknown addresses.

An unknown address refers to a wallet not affiliated with any centralized entity like an exchange (the sender in this transfer is a “known” wallet as it’s attached to a central entity in Binance). Generally, such addresses are the investors’ personal, self-custodial wallets.

Transfers where coins move in the direction of exchanges to self-custodial entities are known as “exchange outflows.” Usually, investors make such moves when they plan to hold onto their coins long-term, as it’s safer to do so outside of these platforms, where the platforms control the wallets.

Exchange outflows can also sometimes be an indication that fresh buying is going on, as some investors like to immediately withdraw their purchases of these platforms.

Given the relatively massive scale of the Dogecoin exchange outflow in the current case, it can naturally be bullish news for investors if the whale is indeed accumulating here.

However, the scenario also exists where the whale has withdrawn to sell through the peer-to-peer (P2P) mode. In this case, the effect on the asset could be bearish instead.

DOGE Price

At the time of writing, Dogecoin is floating around $0.176, down 16% over the past week.

Dogecoin Price Chart

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Crypto Analyst Predicts Top 8 Altcoins With 50x Potential Not Yet On Binance

Popular crypto analyst Xremlin, known on social platforms as @0x_gremlin, told his 104,000 followers that the altcoin season in 2024 could eclipse the monumental gains seen in 2021. Reflecting on the historical significance of major exchange listings, Xremlin emphasized, “Altseason 2024 > Altseason 2021. Your bags are headed to Valhalla.”

During the 2021 altseason, altcoins such as Polygon (MATIC) and Solana (SOL) saw a staggering 300x increase, largely attributed to listings on Tier-1 centralized exchanges (CEXs) like Binance and Coinbase, according to him. “MATIC and SOL’s 300x was fueled by Tier-1 CEX listings. Binance/Coinbase listings = Billions in retail liquidity,” the crypto analyst remarked.

The core of Xremlin’s analysis hinges on the demonstrable impact that listings on premier exchanges such as Binance and Coinbase have on the valuation of cryptocurrencies. According to the analyst, “These 8 altcoins [are] likely to be tradable there next → Pump by 10-50x,” highlighting the potential for immediate and substantial price increases.

Listings often trigger price surges ranging from 3 to 10 times the pre-listing value, primarily due to the vast user bases of these platforms engaging with the newly available tokens. Xremlin further elucidated the critical role of liquidity for the long-term success of a cryptocurrency project, stating, “In the long run, having access to billions in liquidity is crucial for a project’s success.”

Impact of Binance listing on price

This perspective underlines the strategic advantage gained from being listed on Tier 1 centralized exchanges (CEXs). Xremlin has identified eight altcoins that not only show promise of being listed on such exchanges but also possess the potential for dramatic value appreciation. Here’s a detailed look at the altcoins spotlighted by Xremlin:

Top 8 Altcoins Not Listed On Tier-1 Crypto Exchanges

NGL (ENTANGLE): Operating as an omnichain infrastructure, Entanglefi aims to revolutionize data provision to smart contracts across any blockchain. With a current market cap of $232 million and trading at $1.96, its position as a Layer 1 (L1) protocol underscores its foundational potential in the blockchain ecosystem.

ALPH (ALEPHIUM): Priced at $2.75 with a market cap of $203 million, Alephium stands out as a Layer 1 blockchain solution tackling the critical issues of accessibility, scalability, and security faced by decentralized applications (dApps), according to the crypto analyst.

NORMIE: As a memecoin designed for mainstream appeal, Normie carries a market valuation of $120 million, with its price at $0.1237. Notably, Normie is based on Coinase’s Base protocol, which is speculated to be ready to replicate the success of the Solana memcoin craze.

CPOOL (CLEARPOOL): Clearpool distinguishes itself as a decentralized credit marketplace in the real-world-asset (RWA) sector focused on providing single borrower liquidity pools for institutional borrowers. It is currently valued at $140 million, with its tokens trading at $0.30.

BALLZ (WOLFWIFBALLZ): Inspired by a daring wolf, this memecoin is trading at $0.045 with a market cap of $45 million. BALLZ is trying to ride the wave of success of Solana memcoins, especially Dogwifhat (WIF).

IXS (IX SWAP): Ix Swap offers a secure platform for the trading of real-world assets and security tokens, supported by licensed custodians and broker-dealers. With a market cap of $140 million and a current price of $0.8425.

DEGEN: Another meme-centric token, Degen also operates on the Base chain and is currently priced at $0.01696, boasting a market cap of $211 million. Its appeal lies in the vibrant culture of crypto enthusiasts who identify with the “degen” lifestyle.

NMT (NETMIND): Netmind leverages blockchain technology to decentralize computing power for AI models globally. With a price of $6.96 and a market cap of $240 million, it aims to embody the cutting-edge intersection of artificial intelligence and blockchain.

At press time, @0x_gremlin’s top pick NGL traded at $1.87.

NGL price

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Binance Is Having an Odd Time

Binance is having a weird moment, perhaps most clearly illustrated by the fact that a national government detained two of its executives for a month now – and one is only free because he seemingly escaped custody.

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Bitcoin Brief Bounce Back Above $67,000: Triggers Nearly $300 Million In Total Liquidations

The crypto market has recently experienced a wave of liquidations, amounting to nearly $300 million, closely following Bitcoin’s sharp reclaim of the $67,000 mark.

This surge in Bitcoin’s value, a stark reversal from its previous downtrend, caught many traders off guard, especially those who had placed bets on the continuation of the market’s decline.

Over 80,000 Traders Faces Liquidation

The data provided by Coinglass sheds light on the magnitude of the liquidations, revealing that approximately 86,047 traders suffered losses exceeding $250 million within a mere 24-hour period.

Major exchanges like Binance, OKX, Bybit, and Huobi were the arenas for these significant financial setbacks, with Binance traders bearing the brunt of the liquidations.

Particularly, Binance recorded $128.7 million in liquidations, while other major platforms such as OKX, Bybit, and Huobi also experienced significant liquidations, amounting to $99.87 million, $33.18 million, and $17.70 million, respectively. Meanwhile, despite also facing liquidations, the smaller exchanges had a comparatively minor impact.

Most affected positions were short trades, reflecting a widespread anticipation of a market downturn that did not materialize as expected. Short positions recorded an estimated 57.55% of the liquidations, equivalent to $164.10 million, from traders betting against the market.

On the flip side, long position holders also faced their share of losses, contributing to nearly 40% of the total liquidations, amounting to $121.07 million. 

Crypto market liquidations heatmap.

Bitcoin Recovery And Future Prospects

The sharp recovery of Bitcoin, momentarily reclaiming highs above $67,000, has reignited interest in its market behavior and future trajectory.

Bitcoin price chart on TradingView

Despite a 6.6% dip in its market capitalization over the past week, Bitcoin’s value saw a notable 6% increase in the last 24 hours, with its market cap presently sitting above $140 billion. This resurgence in trading activity, with daily volumes climbing from below $60 billion to heights above this mark, signifies renewed investor confidence and heightened trading interest.

Adding to the discourse, cryptocurrency analyst Willy Woo presents an optimistic outlook for Bitcoin, suggesting the possibility of a “double pump” cycle reminiscent of the market patterns observed in 2013.

According to Woo, this pattern could herald two significant price surges for Bitcoin in the coming years, with the first peak anticipated by mid-2024 and a subsequent, more substantial rise in 2025.

While such dual surge scenarios are rare, Woo’s analysis, based on current market conditions and Bitcoin’s growth potential, offers a glimpse into the future of the world’s leading cryptocurrency.

Featured image from Unsplash, Chart from TradingView

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Solana Whale Makes Massive 1,000,000 SOL Deposit To Binance, Bearish Sign?

On-chain data shows a Solana whale has just moved a massive SOL stack to Binance, which could prove to be bearish for the asset’s price.

Solana Whale Has Deposited 1 Million SOL To Binance Today

According to data from the cryptocurrency transaction tracker service Whale Alert, several large SOL transactions have occurred on the blockchain during the past day.

More specifically, six massive transfers have been spotted on the network. Out of these, two transactions were gigantic, with tokens worth $362 million and $498 million involved.

These extraordinary transfers, though, were both between unknown wallets. Addresses like these are those unattached to any known centralized exchange, so they are usually the users’ personal, self-custodial wallets.

Due to this, transfers between unknown wallets are generally hard to say anything about. Often, they can be as simple as the investor moving to a fresh wallet, which is naturally of no particular consequence for the wider market.

The other four whale transactions from the past day, however, did involve central entities on one end, so speculation around them can have a bit more ground to stand on.

Out of these four, one transaction in particular stands out. In this move, a whale shifted 1 million SOL on the network, worth more than $166 million at the transfer time. Below are some additional details regarding this transfer.

Solana Whale Inflow

As is visible, the receiver in the case of this transaction was a wallet affiliated with the cryptocurrency exchange Binance, implying that the whale transferred coins from their address to the platform.

Such transactions are known as exchange inflows. Users make these transfers when they want to use one of the exchange services, which can include selling.

As such, exchange inflows may sometimes be bearish for the cryptocurrency. In particular, massive inflows made by the whales can exert some visible fluctuations on the market.

Just like this huge SOL transfer, the other three transactions mentioned before were also exchange inflows. They were significantly smaller in scale, though, with their average value being $33.2 million.

Two of these transactions also went to Binance, while the third (and the latest) headed to Coinbase. Interestingly, the address pairs in these two Binance transfers were the same, hinting that the same whale may have been responsible for them.

With the four exchange inflows, Solana, worth $265.6 million, has now found its way to exchanges. This is clearly a notable amount, so it may impact the asset’s price.

There is no guarantee, however, that any of the whales involved made these transactions for selling; it’s possible that they made the moves for some other purpose that’s not directly relevant to the market.

Although Solana has been sliding off over the past few days, the possibility of these whales deciding to exit certainly exists.

SOL Price

Following the recent drawdown Solana has seen, the asset’s price has come down to the $174 level.

Solana Price Chart