Binance-backed cryptocurrency BNB Coin is laying the groundwork for $400 ahead of the upcoming Barral hard fork upgrade. Similar moves can be observed for the following 5 altcoins this week, accompanied by strong technical fundamentals.
BNB Coin gains support from altcoin bulls ahead of upcoming upgrade
BNB Chain announced in a tweet on April 17 that BNB Beacon Chain is scheduled to go through the Barral hard fork upgrade at block height 310,182,000. Ahead of the major upgrade, Binance will be performing a wallet maintenance for the BNB Beacon Chain (BEP2) on Tuesday, April 18 at 10:00 AM. The exchange will suspend BNB withdrawals and deposits for one hour.
The Barral hard fork upgrade introduces several security enhancements for the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain. Ahead of the upgrade, Binance Coin is up over 5% at one point yesterday and is currently trading in the $340 region. In addition, the increase in trading volume by more than 50% in the last 24 hours indicates increased interest from investors.
BNB Coin technical analysis
On the daily time frame, BNB price broke the key $340 resistance level and hit a 6-month high. If it rises above the local resistance in the $355-360 range, a rapid rise to $400 could occur.
Also, the RSI and Bollinger bands are showing a stronger upward move. RSI is moving close to 70. Whereas, Bollinger bands show a break in BNB price. On the weekly timeframe, the RSI, Bollinger bands and moving averages point to the possibility of more upsides in the coming weeks.
Shiba Inu (SHIB) poised for 38% breakout
Shiba Inu is giving heavy signs that the price is on the verge of a major breakout from a consolidation phase that has been going on since early February. It has formed an ascending triangle on the daily chart since March 10.
The ascending triangle is one of the continuation patterns and indicates the continuation of the previous trend direction after a consolidation. The uptrend was the price action that SHIB started at $0.00000808 on January 1st and pushed the price up to $0.00001589 (+97%) on February 4th.
After SHIB reached this local high, its price dropped as low as $0.00000958 on March 10. But it has since climbed to higher levels. At the same time, Shiba Inu price showed a flat resistance level at the upper border, as is characteristic of the ascending triangle pattern.
This price level stands at $0.00001151 for the SHIB. The bulls have failed to overcome this heavy resistance in eight attempts since the beginning of March. However, at the time of writing, SHIB made a fresh attempt and was trading just above the resistance line at $0.00001161 after yesterday’s daily close.
What’s next for SHIB?
If SHIB can close above the $0.00001151 resistance today and turn it into support, it could mean that the local high from early February is the next possible price target. Thus, a price increase of at least 38% (up to $0.00001591) seems likely.
In other words, the Shiba Inu can continue the uptrend that started in early January. After two months of consolidation, the bulls may aim at $0.00001787, the high of August 14, 2022 in the medium term. This will allow for a price increase of over 55% compared to the current price.
Altcoin whales jump on Shiba Inu train after breaking news
One reason for the recent increase in the price of the Shiba Inu may be new interest from whales. Data from Etherscan.io shows that a newborn whale has made its first purchase of SHIB, purchasing an impressive 3.484 trillion SHIB worth approximately $39.93 million. However, the unknown investor suddenly became the 29th largest owner of SHIB.
New news for the Shiba Inu has emerged through an announcement from lead developer Shytoshi Kusama. In a recent Telegram chat, he revealed that the launch of ShibaSwap 2.0 could be very soon in the coming weeks and months.
Cardano is gearing up for a new rally: can it reach $0.5?
Cardano price seems to have gained significant bullish momentum since the bullish pressure in the past, as the buying volume has reached its maximum. However, after forming a strong base, it is currently facing a minor bearish move as the price was rejected from the $0.46 high to the current $0.44 level.
ADA price is currently trading above $0.42, which is colliding with the 100 SMA in the short term, forming a bullish pattern that broke the short-term resistance at $0.45. The latest price surge pushed the levels above $0.46, while the recent pullback could force the price to test the same resistance zone, which has now turned into a strong support zone.
The price was trading inside a large, symmetrical triangle before reaching the top, then broke out and moved beyond the intermediate resistance zone of $0.41 to $0.42. The bearish volume is slowly accumulating, but it doesn’t seem to be enough to stop the bullish momentum. Therefore, after a minor pullback, ADA price is expected to start with new price movements very soon.
Also, with some temporary bullish pressure, the price could regain the initial levels above $0.45. This could extend the rally to $0.48 with a minor bearish intervention. However, the bulls need to maintain their strength at $0.46, which could confirm a breakout from the bearish influence or another drop could bring ADA price back closer to $0.4.
Leveraged transactions could be explosive for leading altcoin
According to analysis by crypto trader Skew on Twitter, Ethereum (ETH) may continue to lead the altcoin market in terms of performance, given the positive price action over the past few weeks. The trader also says that the continued rise in ETH price in the coming days may create an opportunity for other altcoin prices to rise as well.
Regarding ETH, the altcoin leader has seen its price drop over the past 24 hours and is currently trading at $2,085. However, ETH was able to outperform BTC in the same timeframe, posting a 1.25% gain in the leading cryptocurrency.
One indicator that traders will want to watch closely is the daily RSI, which is currently showing a bearish sign. At the time of writing, the daily RSI line is sloping negatively towards the oversold zone, suggesting that ETH price has peaked and is likely to decline in the next 24-48 hours.
Popular altcoin analyst predicts price increase for ATOM
ATOM, which is at the bottom of the list, was met with the rally predictions of the analysis platform IncomeSharks. According to the post on April 4, 2023, IncomeSharks saw a bullish OBV breakout on ATOM’s chart and explained that they believe it will be followed by a price increase for the altcoin.
The latest rally prediction came as IncomeSharks tweeted again this morning to add to the previous post. According to their latest posts, OBV has played out perfectly and the price of ATOM has moved in the predicted positive direction.
Aside from the bull predictions, the upside levels that analysts and investors are expecting will likely be linked to Bitcoin’s price movements. cryptocoin.com As we covered in our analysis, Bitcoin miners are under pressure and could potentially generate a selloff.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.