Binance is once again recording an extremely strong weekly performance.
It has now surpassed USDT Tether in terms of total market cap making it the seventh largest cryptocurrency.
The weekly candle is forming in a way that reflects the extremely bullish movements of this week.
The candle is showing a long body with price currently trading close to the weekly highs.
Price managed to rise above resistance at $15 yesterday but failed to close above.
This shows a rejection of values above the level, but price followed up today by surpassing the level and looking extremely likely to close above.
$16.62 is the next key resistance level to monitor for BNB.
High amounts of seller liquidity can be expected just above this level and sellers will likely anticipate this and sell early if price starts to approach $16.62.
Before the significant increases which took place over the past few days in BNB, a bearish divergence formed between the price and RSI on the daily chart.
A bearish divergence is a trend reversal pattern that forms when price forms higher highs despite the RSI forming lower highs.
However, we noted here that this was likely a weak trend reversal indicator given the more bullish patterns forming on the longer-term weekly timeframe.
With the strong buyer momentum recently seen, BNB has a strong possibility of being the first major cryptocurrency to regain its all-time-highs from the last bull market.
With the strong buyer momentum recently seen, BNB has a strong possibility of being the first major cryptocurrency to reclaim its all-time-highs from the last bull market.
The TradingView chart used shows that price needs to increase by about 70% to reclaim its highs. BNB has already increased by more than 140% this year.
Most other top cryptocurrencies are still currently down more than 80% from their all-time highs meaning that they would have to increase several hundred percents from their current prices to reclaim all-time highs.
Litecoin is another cryptocurrency which continued its increase today, but Litecoin failed to overcome resistance at a level where price broke down in October.
Price increased the level but quickly reversed and is now forming a Doji on the daily candle.
A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
The reversal seen was preceded by a double bearish divergence forming on the hourly chart.
A double divergence is an even stronger trend reversal pattern than the single bearish divergence and forms when a price forms two higher highs, and the RSI forms two lower highs.
- BNB continues to outperform surpassing key resistance levels.
- BNB stands a strong chance of being the first major cryptocurrency to reclaim old highs.
- Litecoin increased as well today but reversed upon meeting resistance.
- Litecoin is currently forming a Doji candle on the daily chart.
- A reversal which took place was preceded by a double bearish divergence forming between the price and RSI on the hourly chart.
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