The crypto market is either trading sideways or retreating lower in the last two days, apart from a few cryptocurrencies such as Fantom which has reversed higher after the pullback, Binance Coin and Terra Luna. We will have a look at the last two cryptos, since they have made a breakout recently.
Binance Coin Daily Chart Analysis – MAs Turn Into Support for BNB
Binance coin wasn’t looking particularly bullish until late October when the upside started to pick up pace. After the bullish reversal in August, BNB/USD fell below the moving average in September, as the crypto crackdown weighed on the market and especially on Binance token since the Binance exchange was getting banned from certain countries.
But, it faced the challenges pretty well, and in October it stater to turn bullish. Binance announced a $1 billion growth fund by the middle of last month which helped improve the sentiment further for Binance. Although, the suspension of crypto withdrawals twice on Monday wasn’t a positive event. But, Binance brushed it off and today it is making a strong move higher, as seen from the daily chart above.
Binance Coin Weekly Chart Analysis – BNB/USD Heading for ATH
Binance coin targeting the all-time high at $700
On the weekly chart, we see that the retreat in September ended at the 20 SMA (gray) which held as support and reversed the price higher. The price bounced off that moving average which stood at around $322 at that time, so that’s a decent support area for Binance coin.
The price has been increasing for 5 out of the last 6 weeks and this week buyers look quite confident. They pushed above August’s high at $545 and they’re targeting the all time high ATH at around $700. That’s not too far considering that BNB/USD is trading above $600 now and the trading range this week alone has been more than $100. So, those who are long on Binance coin should hold on to their trades until $700 at least.
Terra Luna Daily Chart Analysis – Making New Highs Above $50
Is $50 turning into support now for Terra LUNA?
Terra Luna coin has shown great buying pressure since July and it hasn’t suffered much during the pullbacks in the crypto market during September. The price increased from around $4 to $50, with the previous high at around $22 turning into support.
Moving averages have been doing a great job as support indicators, particularly the 50 SMA (yellow) Yesterday, buyers pushed above the latest high at $50 and LUNA coin reached a high of $53. Today it has retreated a little, but it seems like the last high at $50 might be turned into support for Terra LUNA. This might be a good place to go long although I would like to see a deeper retreat at the 50 SMA.