BNB Surges Above $300, CRO Reverses Abruptly Lower From $0.16 Resistance

BNB Surges Above $300, CRO Reverses Abruptly Lower From $0.16 Resistance

Binance Coin (BNB) Convincingly Surpasses $300, Eyes Push Towards $340

BNB, the native token that powers the Binance Smart Chain blockchain, convincingly broke above the $300 per token level on Thursday and last changed hands just below $305. According to CoinMarketCap, the latest cryptocurrency has risen around 3.5% in the past 24 hours, making it one of the best performing cryptocurrencies in the top 50 by market capitalization.

BNB has risen over 7.0% over the past two sessions and has now left its 100-day moving average at $280 in the dust. The cryptocurrency is now around 66% higher from its mid-June low below $200 per token. The cryptocurrency is maintaining excellent bullish momentum and BNB bulls are likely looking for a short-term resistance test in the form of late May highs and its 200DMA in the $340 area in the near future.

BNB/USD rebounds above $300. Source: FX Empire

Binance CEO Changpeng Zhao Acknowledges New BNB/BTC All-Time High

BNB, the token that powers the Binance smart chain, hit a new all-time high against Bitcoin hit a new all-time high above 0.013 BTC on Wednesday and has since risen above 0.01325 BTC. The crypto-cross is up over 60% from its May lows near 0.008 BTC and is now up over 1150% since its early 2020 lows just above 0.001 BTC.

Binance CEO Changpeng Zhao acknowledged the new all-time high against Bitcoin in a tweet showing a screenshot of the BNB/BTC crossover he received in a chat. Insinuating that he’s not inclined to regularly check the price of BNB, he said in the tweet that “That’s how I find out. In chats…from someone I’ve never met in nobody, no less.

Bitcoin (BTC) Flatlines Just Under $23,000 Ahead of US Jobs Data

Bitcoin, the world’s largest cryptocurrency by market capitalization, last traded nearly flat on Thursday, slightly below the $23,000 level but still above its near 21DMA. $22,600. Although the cryptocurrency posted a sixth consecutive negative close on Wednesday, it was only down about 7.0% from last week’s highs in the mid-$24,000s.

Meanwhile, Bitcoin continues to trade more than 10% higher from last week’s lows under $21,000. The cryptocurrency still appears to be in a gradual uptrend that has supported price action since mid-June lows below $18,000. So the bulls are eyeing a retest of recent highs in the mid $24,000s at some point. But some technicians have warned that Bitcoin has formed a bearish flag, a break below that could trigger another drop below $20,000.

BTC/USD forming a bearish flag? Source: FX Empire

The Bitcoin Mining Difficulty Ribbon compresses, indicating miner capitulation and acting as a buy signal

Bitcoin’s mining difficulty ribbon, which tracks moving averages of short-term and long-term mining difficulty, has compressed/inverted for the first time in a year. According to crypto data analytics firm Glassnode, this has already been a signal that a bear market is ending.

The compression of Bitcoin’s mining difficulty ribbon indicates that there has been significant miner capitulation, which occurs when miners reduce production and are forced to sell coins in order to fund their operational costs.

According to Markus Thielen, Chief Investment Officer at IDEG Asset Management, “The bitcoin ribbon dataset has historically proven to be an optimal entry point indicator and I believe this time it will again show its predictive power.” . “We are also entering the 18-month period before the bitcoin halving – a time window where bitcoin prices tended to explode,” he added.

Cronos (CRO) reverses sharply from $0.16 resistance

According to CoinMarketCap, Cronos is the worst performing cryptocurrency in the last 24 hours in the top 50 by market cap, having lost just over 3.5% in value. CRO was last trading at the low of $0.14 per token, having reversed sharply following a test of the key $0.16 resistance zone earlier this week.

CRO/USD is reversing sharply from the resistance at $0.16. Source: FX Empire

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