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Crypto Market Review, November 4

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Arman Shirinyan

Binance’s cryptocurrency is on the road to recovery after Elon Musk’s Twitter takeover

The end of this week for the cryptocurrency market can be called a “breakout day” as most digital assets broke local resistance levels without looking back to the rough middle of this week.

Binance’s connection to Twitter pumps BNB

Since Elon Musk’s Twitter takeover, Binance’s BNB has been on a steady upward trend despite the problematic nature of the cryptocurrency market. Since Binance’s CZ directly participated in the Twitter takeover and provided funds for Musk to close the deal, investors believe that the implementation of digital technology on the platform is only a matter of time.

BNB chart
Source: TradingView

Some experts have assumed that Binance will become a kind of provider between Twitter and the crypto world. With the implementation of the new verification system, which will cost $8 per month, cryptocurrency payments can actually become a payment option. In cases where Binance acts as a provider, the exchange will potentially receive millions in revenue in the first months after possible implementation.

From a technical point of view, BNB broke all the important technical resistance levels and even August’s top at $335. The next resistance for BNB is around $400 and serves as psychological resistance.

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The next technical resistance is $423 and correlates with the breakout point for BNB. On April 5, Binance’s cryptocurrency fell below the $400 threshold, marking the start of an accelerated downward trend that put the asset at the level it was trading at before the rapid recovery.

XRP is back in business

The series of breakouts did not transfer assets like XRP, even considering their high market capitalization. The cryptocurrency gained more than 8% to its value in a matter of hours, breaking the local resistance level and entering the top 10 of the most profitable assets on the market.

According to data from the chain, whales have moved the cryptocurrency more actively compared to yesterday. A large transaction volume may be a reflection of the increased whale activity, as whales have been buying XRP for an unknown reason in the past few hours.

Ripple’s success in court, which was the main fuel for XRP’s run on the market, is most likely not the case today, as no news about it has appeared in the cryptocurrency media space.

Cardano joins party

Despite the fact that Cardano usually avoids joining market-wide rallies and moves on its own, ADA’s performance today was similar to what we saw on the aforementioned cryptocurrencies.

In the last 24 hours, ADA has broken the 50-day moving average, but has not found a foundation above it, and the falling volume profile shows that it will not be due to a lack of support from Cardano traders and investors . This would be the second time Cardano attempted to break the 50-day MA in the past two weeks.

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