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Should you buy BNB at the current $215 support level?

  • BNB faces bearish pressure at a key support level

  • The token is down 68% from its ATH

  • Crypto market under bearish momentum, BTC trades under $20,000.

Binance’s (BNB/USD) has remained subdued amid an extended bearish momentum in the sector. The token is currently trading at $215.35, after a 3.4% decline in the past day and a 10.72% drop in the past week, as per CoinMarketCap. Comparatively, the flagship token, bitcoin, has tanked 10.96% in the past week, while Ethereum is down 15.41%. Are we about to see a trend reversal in the native Binance token, or can it trade lower?

The ongoing global expansion by Binance has done little to boost the adoption of the native BNB token, which was originally meant for discounting fees. BNB Chain’s auto-burn token mechanism, which saw Binance burn over 1.8 million BNB tokens in April, is yet to boost the value of the cryptocurrency.

The past price data from CoinMarketCap shows that the BNB token is on a downward trend. In the past month, the token has dropped 28.7% from a high of $303. The three-month price outlook shows a decline of 51% from $444. The token has equally plunged 68% from its all-time high of about $675.

BNB finds support at $215

Source: Tradingview

According to the daily chart outlook above, BNB token is looking bearish. The token is currently trading at the support level, having turned the $327 price level into resistance. The 20 and 50-day moving averages offer resistance to the upside, showing potential areas of consolidation in case of a trend reversal. Moreover, with the RSI at 36, BNB could be set for a short-term upward trend reversal.

Overall, the current price level can make an ideal buy entry but with the confirmation of a bullish price signal. We recommend that investors remain patient with price action signals before buying at the current level. A drop below $215 could open further weakness, and the token can go lower.

Summary

BNB token remains largely subdued amid a bearish sentiment in the cryptocurrency sector. However, investors can benefit from short-term price movements before the sentiment changes. Traders should wait until the token has cleared above the $215 level before going long.

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Algorand’s token is bullish, but where are the buyers?

Algroland (ALGO) logo on a mobile phone being held by a hand to view

  • Algorand network grew as DeFi activity boomed in 2021

  • Algo price bottomed at $0.28, but bullish signals are emerging

  • ALGO will open a bullish move if it clears a minor resistance at $0.31

Algorand ALGO/USD network grew last year on the back of booming DeFi activity. Despite the bear market this year, the network has continued to grow. As of May 7, the total value locked on Algorand was $174.74 million. The TVL eclipses a record high of $134.24 million for 2021 as of the last day of the year. The TVL has, however, fallen back, with a total of $99.11 million at press time. 

Algorand is a proof-of-stake and scalable blockchain. It offers a common platform for creating products and services for a decentralized economy. It goes hand in hand that the growth of DeFi is positive for Algorand. ALGO, its native token, powers the blockchain. The token has plunged this year, owing to the growing macro-concerns.

Recent development regarding Algorand is the network’s partnership with FIFA in May. FIFA announced that Algorand would be the official blockchain sponsor of this year’s World Cup. The sponsorship has the effect of adding media exposure and free advertising for Algorand. ALGO surged by double digits following the announcement. Recent weakness in ALGO underlines a general market issue rather than the network’s fundamentals.

ALGO trapped between $0.28 bottom and short-term resistance

Source – TradingView

Technically, ALGO is making bullish moves. A cross-over of MACD above the moving average line confirms a bullish momentum. The 14-day moving average offers support, although the price is below the 21-day MA. 

ALGO may continue consolidating between $0.28 bottom and $0.31 resistance in the meantime. A break-out above the minor resistance level will open short-term buy opportunities. On the flipside, ALGO may crash back to the $0.28 support if the buying power remains weak.

Summary

Algorand powers DeFi products and services. Its native token ALGO met resistance at $0.31. We project a short-term bullish move after a break past the resistance. The token may also fall back to the $0.28 support.

The post Algorand’s token is bullish, but where are the buyers? appeared first on CoinJournal.

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Decentraland’s MANA may have bottomed at $0.78, but buyers be cautious

  • Decentraland is a blockchain protocol for powering individuals to the Metaverse.

  • MANA/USD has been bearish but is keeping $0.78 support intact.

  • Watch for a potential breakout or MA support for price movement confirmation.

Decentraland’s MANA/USD has held key support of around $0.78 since mid-May. The support coincided with oversold conditions, with the RSI at 19 on May 13. However, potential surges have been muted as the overall crypto sentiment remains weak.

Decentraland aims to power organizations, entities, and individuals to the virtual world or the Metaverse. An array of activities last year saw its native token MANA stage strong gains. On Decentraland, people can acquire virtual assets, including avatars and land. They can also play games. In mid-June, Yahoo said it intends to host virtual events in Decentraland for Hong Kong residents. Samsung and JPMorgan are other entities seeking to enter the Metaverse through Decentraland.

With the growth of virtual assets and Metaverse, Decentraland will benefit. Its native token MANA/USD will surely make a comeback. However, despite MANA/USD holding to a support zone, the situation is still bearish. We believe $0.78 is a key area for investors seeking to buy MANA/USD.

MANA’s price keeps $0.78 support intact despite a bear market

Source – TradingView

MANA/USD holds onto the $0.78 support. The price is consolidating, suggesting a potential breakout could occur soon. The 14-day and 21-day moving averages offer slight support, but we can’t confirm a bullish move now. 

Two scenarios are evident for MANA. A bullish reversal will be confirmed by a cross-over of the 14-day MA above 21-day. The price must remain above both moving averages. A break below the $0.78 support will confirm a bearish momentum. Currently, MANA/USD will keep consolidating as the weak sentiment prevails.

Summary

Decentraland’s MANA is consolidating with no directional movement. The $0.78 support holds the price in place. Watch for key signals before getting in.

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