We’ve been closely monitoring the price movements of Binance Coin (BNB), one of the top 10 cryptocurrencies in the market. Our analysis suggests that BNB is poised for a potential recovery, and here’s why.
BNB’s position in the top 10 cryptocurrencies gives it a significant influence on the overall market. Its recovery could be a bellwether for a broader market resurgence. The market often moves in tandem, and a recovery in a major coin like BNB could set the stage for a wider rally.
A key pattern has emerged in the BNB price chart: a double bottom. This pattern, marked by two distinct troughs in June 2023 and December 2022, is often a bullish sign. Notably, the June low is slightly higher than the December low, which could indicate an upward momentum.
Source: TradingView
Relative Strength Index (RSI), a momentum indicator, has dipped into oversold territory. This often suggests that the asset is undervalued and could be due for a price rebound. Despite facing significant challenges, BNB has shown resilience. Cryptocurrency platforms, like Binance, have weathered attacks in the past and emerged stronger. An attack is not the end of the world; in fact, it could lead to positive changes in the long run.
Analyzing SUI’s Price Movements: Potential for a Future Upswing
SUI, a project that has been gaining attention recently, presents an interesting case for technical analysis. Here’s our take on the potential future movements of SUI.
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Show more +Currently, only 6% of the maximum possible number of SUI coins are in circulation. This limited supply could make it easier to influence the price, potentially leading to a “pump”. However, as more coins enter the market, the increased supply could exert downward pressure on the price, as per the law of supply and demand.
The schedule for releasing more SUI coins into the market is as follows: an increase of 0.6% in early July, 0.7% in August, 0.7% in September, 0.8% in October, and a significant jump of 22% in November. Theoretically, the highest chance for a price pump in SUI would be before November 2023.
Source: TradingView
Two significant resistance levels need to be overcome for a price pump to occur. The first is the trend line of recent months around $0.90, and the second is a strong liquidity zone of $1-1.20. This zone is where users were actively buying SUI in anticipation of growth, but the price dropped significantly instead. As a result, there may be active selling in this zone by those looking to break even.
Based on these factors, a significant increase in the SUI price could occur once the price is firmly established above $1.20.
Conclusion
BNB’s double bottom pattern, coupled with its position as a top 10 cryptocurrency, suggests a potential upward momentum and recovery. The oversold RSI indicates that BNB may be undervalued, making it ripe for a price rebound. Despite challenges, BNB has shown resilience, and a recovery in this major coin could pave the way for a broader market rally.
The schedule for releasing additional SUI coins indicates a higher chance of a price pump before November 2023. Overcoming significant resistance levels, particularly the trend line around $0.90 and the liquidity zone of $1-1.20, could pave the way for a substantial price increase in SUI.
