Originally published on: September 29, 2024
As Binance’s founder CZ makes headlines post-release from a US federal prison, the focus is now on the potential rally of BNB. Will the bullish trading pattern on BNB/USD lead to an explosion, or will the BNB/BTC pair take the spotlight?
While some anticipate a rally in BNBBNB driven by CZ’s release, others believe BNB’s performance will align with the broader altcoin market. Similar to BitcoinBTC, BNB has been consolidating for months, showcasing a tug of war between the bulls and bears.
The market sentiment remains positive for both Bitcoin and BNB, with analysts predicting new highs for Bitcoin by the end of 2021 and even for BNB reaching $1,000 in the near future.
But the burning question is, which will outshine the other – Bitcoin or BNB? To uncover this, let’s delve into the BNB/BTC charts for insights.
Currently, the BNB/BTC pair is attempting to recover from a downtrend. However, resistance near the 38.2% Fibonacci retracement level poses a challenge, indicating prevailing negative sentiment leading to selling pressure on rallies.
In case of a continued downtrend below the 20-week simple moving average, the pair may test the 50-week SMA, acting as a support level. Conversely, a rebound off the 20-week EMA may signal bullish momentum, aiming to break the overhead hurdles and initiate an uptrend.
With the pair trading in a wide range of 0.008 BTC to 0.010 BTC, the moving averages and RSI suggest a balanced market between supply and demand.
A breakthrough below the 50-day SMA could push the pair towards 0.0086 BTC, while surpassing the 0.0097 BTC resistance level may lead to a retest of the crucial 0.010 BTC level.
Overall, the future of BNB remains uncertain, with both bullish and bearish scenarios at play. Will the BNB/USD trading pattern explode as predicted, or will the BNB/BTC pair steal the show? Stay tuned for more updates on these exciting developments.
