Originally published on: September 29, 2024
Recent developments have put BNB in the spotlight as Binance founder CZ was released from a US federal prison after serving time for Money Laundering violations. While some see this as a potential catalyst for a BNB rally, others believe it will follow the broader altcoin market trend.
Similar to Bitcoin, BNB has been trading in a tight range, signaling uncertainty between buyers and sellers. Despite this, investors remain optimistic about both assets’ long-term prospects, with some analysts predicting new all-time highs for Bitcoin and BNB in the near future.
The burning question remains: will BNB outshine Bitcoin and make a strong comeback? To find out, let’s dive into the BNB/BTC chart analysis.
Currently, the BNB/BTC pair is attempting to recover from a downtrend but faces resistance near the 38.2% Fibonacci retracement level. This indicates a negative sentiment among traders, with selling pressure outweighing buying interest.
If the pair falls below the 20-week simple moving average, we could see a further decline towards the 50-week SMA. However, a rebound from the 20-week EMA suggests bullish momentum, potentially leading to a breakout above the 0.010 BTC level and further gains towards 0.012 BTC and 0.014 BTC.
On the daily chart, BNB/BTC has been trading within a wide range for months, with key support and resistance levels at 0.008 BTC and 0.010 BTC, respectively. As the moving averages converge and the RSI hovers around the midpoint, the market shows a balance between buyers and sellers.
A breach below the 50-day SMA could push the pair towards 0.0086 BTC, while a breakout above 0.0097 BTC may lead to a retest of the critical 0.010 BTC level. A decisive move above this key resistance could spark a new uptrend with a target objective of 0.012 BTC.
While this analysis does not provide investment advice, it encourages readers to conduct their own research before making any trading decisions.
