Leading crypto exchange Binance is currently battling a crisis situation. Despite the news of FUD surrounding the exchange’s stablecoin BUSD and BNB, technically flashing bull signals should not be ignored. These 6 altcoins will follow critical developments throughout the week.
6 altcoins from Binance list to watch this week
Binance CEO Changpeng Zhao expressed the concerns of BUSD holders after the restrictive rulings from its US regulators and confirmed that assets including BUSD are 100% collateralized. Recent events followed a 46% rally in BNB/BTC. Binance is currently struggling with the highest FUD in the current market cycle. The exchange is busy with the US financial regulator’s attack on the stablecoin Binance USD (BUSD), issued by Paxos. CEO Changpeng Zhao eased the concerns of the crypto community by confirming 100% collateralization of Binance-pegged tokens, including BNB.
CZ’s statements led to short-term price rallies in token prices.
Following CZ’s confirmation, Ouroboros Capital, an investment research firm, announced that it has purchased BNB at 13,412 against BTC. Analysts at the firm claim that CZ has repeatedly proven that Binance can prevent crises and get rid of FUD.
BNB/BTC offers a buying opportunity for these reasons
The BNB/BTC ratio traded in the same range throughout the FTX stock market crash that started in August 2022 following the Terra LUNA crash. The explosion of the Sam Bankman-Fried exchange caused Binance’s market share to increase, and the exchange’s Bitcoin Open Interest share has increased from 30% before FTX to 38% now.
The BNB/BTC ratio is 10% away from breaking post-2021 highs, and analysts at Ouroboros Capital believe the market has greatly reduced Binance’s progress over the past two years.
Will BNB price see a 10% drop or a 46% increase?
The risk/reward for BNB/BTC looks rewarding, with a 10% drop if the pair breaks below 2021 highs and a 46% increase if it continues its uptrend in the channel that started in Q4 2021.
As seen in the chart below, the BNB/BTC pair is currently trading at 13,412 and remains undervalued despite the recent developments.
What’s next for Binance altcoin projects Sandbox (SAND) and Phantom (FTM)?
Alongside Binance coins like BNB and BUSD, SAND and FTM are showing significant signs of strength. The first version of Sandbox (SAND) was a mobile game in 2012 and has reached over 40 million people.
Later, Warner Music Group bought some land in the Web3 virtual world The Sandbox (SAND) in January 2022. The Sandbox (SAND) will likely continue to grow because of how useful it is, how strong their partnership is, and what they’ve learned.
Phantom (FTM)
Phantom (FTM) aims to make transactions secure and fast. FTM works with smart contracts and payments worldwide. It also works as a standalone decentralized network, providing developers with a fast and inexpensive way to deploy decentralized applications (dApps).
Phantom (FTM) is up nearly 39% last week. The latest move for Phantom (FTM) likely stemmed from talk about a new stablecoin and a few other updates for the project. Analysts say bringing back the Fantom (FTM) stablecoin is a good idea for several reasons, including paying developers and boosting the DeFi ecosystem.
With these developments, Tron has become the leader in the altcoin market.
TRON has witnessed a huge increase in its revenue in recent days. Network revenue has doubled in the last 24 hours, helping it surpass Ethereum and Uniswap and take the lead.
The TRON network recently passed Proposition 83, a proposal that explores a dynamic energy model that increases transaction costs for illiquid projects with no impact on other decentralized applications (dApps). After the successful passing of the TRON network offering on February 5, there has been a steady increase in the collection of daily transaction fees. cryptocoin.com We have included the details in this article.
Altcoin TRX poised to run up to $0.08
TRX is in a downtrend on the multi-month chart and a short-term uptrend on the 4-hour price chart. The token is trading at $0.0690, close to the 50% Fibonacci retracement level at $0.0683.
TRX formed a support zone from $0.0614 to $0.0656 as seen in the chart below. The token climbed outside the support zone with a close above the 50% Fibonacci retracement level. The chart shows that the uptrend has underlying strength and TRX price is following the 61.8% Fibonacci retracement at $0.0739 and the 78.6% bullish targets at $0.0819.
The Relative Strength Index (RSI), a momentum indicator, shows 77.05 despite being overbought, TRX’s uptrend has underlying strength and there is bullish potential in the TRON network’s native token.
Solana promises 20% earnings to altcoin investors
Solana price seems to be trading within the two moving forces of the 55-day and 200-day SMAs. This movement is in line with various elements that guide the SOL. On the one hand, the bulls want to see the price action higher as inflation falls while the economy is not in a hard recession. Also, risk pressure is mounting in Ukraine as Russia is planning another major attack, and tensions between China and the US have been much higher lately.
So the SOL can act between falling inflation and tailwinds from the geopolitical corner. According to analysts, we can see the low US inflation figures see the SOL price rise to $25 which is still 20% of the gains. If investors want, they can take a short position to get it back at $20 and open a long position again in the same area.
A big risk that should be marked with a warning on your charts is that the drop in the range is starting to break even further down. This move means the SOL fell below $18.66 and sold for $15.07 or even $10.94. The realized losses range from a 20% to 40% devaluation in the SOL price, according to analysts.
Shiba Inu dance with an important element of ascension
Shiba Inu price is recovering from US CPI data, which previously triggered a two-day mini-sell. With the bull energy now freeing up, SHIB price action has produced new highs for this week. Investors will want to watch for continued positive sentiment in the US session later this Wednesday as soon as stocks turn green.
SHIB traders have their eyes fixed on the green ascending trendline near $0.00001400. A one-day close above would be perfect for the bulls to sail towards the monthly R2. With a contact close to $0.00001600, the RSI will hit the overbought resistance and the risk of a small double top could be imminent as the bulls will want to take some profits with a 24% gain.
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