Why Is It That Binance Coin Is Gaining 17% On Bitcoin In July But Can ‘IEO Season’ Happen?
The Binance Coin is fluctuating badly. Where is it headed? Comparative note on Binance and Bitcoin
The Latest News Report On The Binance Coin Price
Spelling bullish for the price of the exchange’s IEO tokens is the price of Binance Coin gaining almost 20% on Bitcoin in July.
As it has been slowly consolidating over the past few months, the price of Bitcoin, along with altcoins have been taking the spotlight. With massive moves made by Chainlink, Zilliqa, and Elrond that are just a few to be named of the more popular altcoins.
Here it comes that the latter of the three is an IEO or Initial Exchange Offering which means investor’s eyes are automatically focused on Binance Coin outperforming Bitcoin so far this month by roughly 17%. If the price of Binance Coin starts to move, then typically the IEO tokens follow suit.
Eventually, BNB Price Breaks Above The 100 And 200-Day Moving Average
This week it was found that the BNB/BTC pair is breaking above the 100-day and 200-day moving average as crucial breakthrough as the previous times marked the start of a new rally. Hence BNB made a double bottom structure after which a slight rally occurred.
Testing the old support of 0.0016800 sats, BNB price, and with this level confirmed as support a minor downtrend breakout occurred, leading to a break back into the range of the previous months.
It was then defined to be between the support at 0.0018000 sats and the resistance at 0.002300 sats as the range is reclaiming the previous support at 0.0018000 essential for the further upside momentum.
Supporting that level, it is, therefore, likely to expect the test of the highs again as the price has tested the lows, lost the support, and reclaimed the support. it is usually a sign when this occurs that buyers are stepping into the asset thereby prompting a retest of the other range levels.
Furthermore, it was found that a renewed test of the 0.0023000 sats resistance level is meaning that the consolidation above the 100-day and 200-day MA occurs and this can, therefore, trigger a repeated cycle whereas what are the crucial steps that BNB must take for this to occur?
Needing to break the range resistance for confirmation is the BNB/BTC pair with the first step that would be to claim the 100 and 200-day MAs as the support and hold above the 0,0018000 sats level.
Wanting to start accelerating is the BNB/BTC breaking the range resistance at the 0.0022500-0,0024000 sats level. Allowing a rally toward the peak high to occur, is breaking through that resistance zone
Holding The Support At $17 Is BNB/USDT
Showing an apparent breakthrough in the $ 16.50- $17 resistance level is the USDT pair of Binance Coin sustaining the upward momentum which is a support/resistance flip of the same level which is needed. Upon analysing the 100 and 200-day MAs it reveals some interesting features worthy of further analysis.
Currently moving below, the price of BNB is the moving averages which are significant as the same thing occurred at the beginning of 2019.Here the breakthrough had started the cycle from $8 to the peak high at $40 that was also a 500% rally which doesn’t mean that BNB can make a similar rally as the future comes to be forecasted but it is a valuable sign.
By breaking and flipping the 100 and 200-day MA as support, however, the further upward momentum comes to be warranted as the $ 16.50-$17 levels currently around the moving averages as it is expected that this area is the crucial factor determining if the price can move higher. BNB/USDT for the time being needs to clear the $21-$21.50 as there is another barrier at $ 25.75- $26.25.
Is It Reliable That “IEO Season” Will Follow?
When Binance Coin is moving, as mentioned earlier the IEO’s usually follow similar to the correlation between Stellar Lumens and XRP as if the first one moves then surely the latter follows.
Elrond is one Binance IEO that has outperformed the market with a 1,000% rally. The ERD/BTC has the price moved above the 100 and 200-day MAs in May as the price of Elrond saw a massive surge,
Leading to an increase of 1485% this massive surge is one of the most substantial moves this year and does it mean that this is an excellent opportunity to buy Elrond? It seems no because unlikely the price is continuing to move forward.
Significantly lower than the current price is the support levels as they are potentially bearish divergence coming in to play.
Finally, An Account Of CELR
Also, other IEOs are showing similar price action to Elrond as they are lagging heavily and for example, Celer Network has the altcoin that is currently showing some of the same signals as did Elrond in May.
The CELR/BTC pair in June broke above the 100 and 200-day MA that was the first time to be done since listing in March 2019.
CELR has furthermore been constantly flipping previous resistance levels to support and the trading volume increased that is usually a sign of accumulation.
CELR currently has resistance at 0.0000070 and 0.00000100 sats as the price breaks through the 0.00000100 sats level continuing toward 0.00000250 sats or higher which is possible.
All eyes are for the time being on Binance Coin and continuing to push higher as the IEOs are most likely to follow.