Bitcoin Cash experienced a significant 5% surge this Tuesday, continuing its upward trend after last week’s market stabilization. The cryptocurrency saw gains for the second consecutive trading session, inching closer to a notable resistance level at $225. Concurrently, Binance Coin also exhibited an upward trajectory, targeting a key resistance level at $220.
Bitcoin Cash (BCH)
In today’s market, Bitcoin Cash (BCH) stood out as a prominent winner, marking its second consecutive day of gains.
The BCH/USD trading pair commenced the week at a low point of $206.86, eventually ascending to an intraday peak of $213.89.
This upward movement has positioned Bitcoin Cash nearer to a resistance benchmark of $225, a level last touched on September 18.
BCH/USD – Daily Technical Analysis
An examination of the daily chart reveals that the cryptocurrency’s 10-day (depicted in red) moving average has maintained its position above the 25-day (represented in blue) moving average.
Furthermore, the Relative Strength Index (RSI) has succeeded in breaking past its previous upper boundary of 52.00, currently registering at 54.50.
For bullish investors, the next point of focus appears to be an RSI resistance level of 60.00. Achieving this would likely result in BCH surpassing the $225 mark.
Binance Coin (BNB)
Binance Coin, also known as BNB, was another significant performer this Tuesday, marking gains for two successive sessions.
The BNB/USD pair started off the week at $208.02, climbing to an intraday high of $213.19.
As it stands, the native cryptocurrency of the Binance exchange is edging towards a significant resistance level of $220.
BNB/USD – Daily Technical Analysis
In pursuit of this price target, bullish traders for Binance Coin must overcome an imminent resistance level of 47.00 as indicated by the RSI.
At the time this report was compiled, BNB’s RSI stands at 44.41, while the token’s current trading price is slightly lower at $211.74.
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Would Binance Coin be able to reach $220 this week? We welcome your insights in the comment section.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Analysis
What cryptocurrencies are the main focus of this analysis?
The main focus of this analysis is on Bitcoin Cash (BCH) and Binance Coin (BNB).
What significant price movements did Bitcoin Cash experience?
Bitcoin Cash experienced a 5% surge, moving closer to a resistance level of $225. The cryptocurrency climbed for a second straight trading session starting from a low of $206.86 to an intraday peak of $213.89.
What notable changes were observed in Binance Coin?
Binance Coin (BNB) also gained traction, rising for two successive trading sessions. It started the week at $208.02 and reached an intraday high of $213.19. The token is now approaching a resistance level at $220.
What are the key technical indicators highlighted in the analysis?
The key technical indicators highlighted include the 10-day and 25-day moving averages for Bitcoin Cash, as well as the Relative Strength Index (RSI) for both Bitcoin Cash and Binance Coin.
What is the next potential move for Bitcoin Cash according to the analysis?
According to the analysis, the next potential move for Bitcoin Cash is surpassing a resistance level at $225, particularly if the RSI reaches a resistance level of 60.00.
What is the immediate price target for Binance Coin?
The immediate price target for Binance Coin is a resistance level at $220. The cryptocurrency needs to surpass an RSI resistance level of 47.00 to likely achieve this.
What subscription service is mentioned at the end of the article?
A Weekly Technical Analysis Report subscription service is mentioned, offering a comprehensive recap of the week’s most impactful cryptocurrency news.
Is the article open for user comments?
Yes, the article welcomes user insights in the comment section, specifically asking whether Binance Coin would be able to reach $220 this week.
More about Cryptocurrency Market Analysis
- Weekly Technical Analysis Report Subscription
- Bitcoin Cash Official Website
- Binance Official Website
- Historical BCH/USD Data
- Historical BNB/USD Data
- Relative Strength Index Explained
- Moving Averages: Simple and Exponential
- Understanding Cryptocurrency Resistance and Support Levels