The cryptocurrency market was looking uncertain in the last two weeks, after the bullish momentum during most of October. But, now it seems like everything is back in line and almost all cryptocurrencies are rallying, after BITCOIN made a new high to $68,500 while ETHEREUM also keeps making new highs. In this crypto update, we will take a look at Cardano which has made a move at last, and Binance coin which continues to show relentless bullish momentum.
Cardano Daily Chart Analysis – The 50 Daily SMA Is Finally Broken in ADA/USD
ADA/USD now facing the 100 daily SMA
Cardano is a very interesting project, which has received a lot of attention. In the wake of the crypto competition, with the likes of the Fantom Developer Conference, the Ethereum 2.0, or the 500 projects on Solana, Input Output which is a company associated with Cardano, released a final list of all the projects on the Github repository Cardano ecosystem yesterday.
This lead to an important breakout yesterday in ADA/USD. This cryptocurrency was under pressure from the 50 SMA (yellow) in particular which was acting as resistance for more than a month, as well as the 20 SMA (gray). The 100 SMA (green) and the 200 SMA (purple)acted as support.
Cardano Coin ADA Live Chart
ADA/USD
But now the 00 SMA has turned into resistance after the break of the 20 and 50 SMAs, which was important because it broke the bearish pattern. ADA jumped from around $2 to $2.38 yesterday but today we are not seeing a follow-through, so buyers have to push above the 100 SMA first. If this moving average gets broken then the larger bullish trend will resume again.
Binance Daily Chart Analysis – BNB Targeting $700 Now
The buying pressure is relentless in Binance coin
Binance has been under pressure from the global financial establishment and the cyber attacks the trading platform faced in May 2021. The Binance exchange has been banned from certain countries, while warnings have been issued against it in other countries. Besides that, the cyberattacks in May were followed by the outages in the platform so a lawsuit is underway against Binance, which also seems arranged after the attack, but Binance has brushed off everything.
The Binance coin BNB has recovered well after the major crash in May and after the smaller one in September, due to the crypto crackdown. But, the crackdown is not having much impact on the crypto industry which is progressing, so BNB is also progressing higher. Now, BNB/USD is facing the all-time highs ATH at $700 and if buyers push above that level soon, then $1,000 will be the next target.
Binance Coin BNB Live Chart
BNB/USD
