Binance Coin breaks out, targeting $500; the MACD emphasizes the bullish grip on the price.
Cardano will likely step above $2.5 after the ongoing consolidation.
Binance Coin leads altcoins in recovery on Wednesday, after accruing over 13% in gains toward the end of the Asian session. As discussed earlier, the rest of the market is relatively in green, bolstered by Bitcoin’s mission to rise to all-time highs.
The native exchange coin has cemented its bullish footprint in the market, with impressive gains in the last 24 hours. In September, BNB lifted to $545 but retraced almost, touching $300. The demand zone shaded green has been instrumental to the ongoing recovery.
Following a confirmed break above $400, Binance Coin attracted more buyers. Hence, the growing momentum and speculation for gains above the supply zone around $500.
After crossing above the mean line, the Moving Average Convergence Divergence (MACD) indicator added credence to the bullish outlook. As long as the 12-day EMA stays above the 26-day EMA, we expect BNB to carry on with the uptrend toward $500. Currently, bulls are highly aggressive, as observed with the RSI.
BNB/USD Daily Chart
BNB/USD price chart by Tradingview
Cardano continues with sideways trading in the wide range between $2 and $2.5. A recent attempt to close the gap to $2.5 and possibly make headway to $3 failed on its approach to the 50-day Simple Moving Average (SMA). The descending trend line added weight to this resistance, sabotaging the recovery mission.
ADA corrected toward $2 but currently trades around $2.1. The 100-day SMA has protected its immediate downside. Realize that the support zone in green is substantial to keep the price afloat. Thus, allowing bulls time to regroup before staging a formidable breakout to $2.5 and $3.5, respectively.
ADA/USD Daily Chart
ADA/USD price chart by Tradingview
The MACD and the RSI affirm Cardano’s consolidation. For now, few trade opportunities exist for ADA, but traders can look for a breakout likely to be triggered when the 12-day EMA crosses above the 26-day EMA. The bulls’ presence will be reinforced as the RSI lifts above the midline and toward the overbought area.
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