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Don’t miss out on BNB as the journey to above $300 remains on course

  • Binance token rose 6% after the Fed’s policy decision

  • BNB remains on an uptrend despite the recent knocks in crypto

  • BNB could face resistance at $288 but remains on course to hit $327

BNB trades at $267 as of press time. That was after catapulting by more than 6% after the Fed hiked rates by less than expected level. While we consider the gains widespread across the sector, BNB could be an exception. 

As the markets cooled down ahead of the Fed decision, BNB held important support of $257. Later, the token surged higher above the support, maintaining a clear uptrend. The uptrend could be of interest to bulls who have been looking to take the token higher. 

BNB trades higher as bullish momentum strengths above $257 support

Source – TradingView

On the technical outlook, BNB is trading on a system of higher highs and higher lows. The cryptocurrency has been trading on the same uptrend, which started in mid-June. The token has maintained above the 14-day and 21-day moving averages. The MACD indicator is also bullish on the cryptocurrency.

At the current level, BNB has set $257 as the reference support, with the next level at $288. As the crypto sentiment improves, BNB will likely hit the $288 resistance in a few days. That would set it on course to reach $326 in the next few weeks if it clears the $288 level. 

Concluding thoughts

BNB maintains an uptrend after the Fed’s rate hike. The token has held an important $257 support. The improved crypto sentiment is positive for Binance as trade volumes on the exchange grow. We feel BNB will rise to $327 as the bullish momentum remains strong. The token will find resistance at $288. The token is a buy for both the short and medium-term.

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Ethereum Classic shoots 22% after Fed decision – Will we see more upsurge?

  • Ethereum Classic token rose 22% after a Fed rate hike

  • Investors see ETC benefiting from Ethereum shift to Proof-of-Stake

  • ETC has met resistance, but bullish momentum is strong

Ethereum Classic ETC/USD is one of the top gainer coins on Thursday. The token added more than 22% in 24 hours after the Federal Reserve hiked the interest rate by 75%. The gains were across the crypto sector, with the mother Ethereum token gaining by 11%. 

The gains in ETC and other cryptocurrencies reflected a softer stance by the Fed. Markets feared a 100-basis point hike. A lower hike was welcome, adding a bullish impetus that saw tokens such as ETC gain.

The above-market gains in Ethereum Classic could also be a result of another development. On July 27, news emerged that AntPool had invested $10 million in the cryptocurrency. AntPool already ranks as the third largest BTC mining pool. 

Investors such as AntPool see Ethereum Classic benefiting immensely once Ethereum shifts to PoS. Once the merge is complete, PoW mining on Ethereum will become redundant. That will allow miners to migrate to PoW chains such as Ethereum Classic.

Ethereum meets resistance after a 24-hour surge.

Source – TradingView

Technically, Ethereum Classic has met resistance at $34.5 after robust 24-hour gains. However, the crypto sentiment and token fundamentals remain strong. We believe ETC will continue gaining as Ethereum merges approaches. However, the resistance could send the price lower in a market correction. 

Investors should consider a potential retracement of ETC as an opportunity to buy. The token could slide back towards the $26 support. The token’s next resistance is at $46.

Summary

Ethereum Classic is bullish after the Fed’s rate hike. An expected boom after the Ethereum upgrade is boosting the Ethereum Classic token. Investors should buy the dip since ETC has hit a resistance.

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Okcoin’s institutional investor activity spiked 125% in Q2

  • Okcoin’s institutional clientele increased by 13% in Q2 and by 28% over the first half of 2022.

  • Stablecoins (USDT and USDC) have been very popular buys for institutions in 2022 compared to the last bear market.

  • Institutional activity on Okcoin jumped 125% in Q2 from Q1, with Bitcoin still seeing the majority of trading activity at 40%.

Okcoin has announced that institutional activity on its trading platform grew 125% from Q1 to Q2 in 2022, reflecting a more than 2x increase for the fourth-consecutive quarter.

The surge in institutional investor trading volumes come as the US-based cryptocurrency’s clientele in this category increased by 13% over the quarter. 

Overall, Okcoin saw its institutional clientele accounts grow by 28% in the first six months of the year, the platform said in a press release published on Thursday.

Institutional investors buy more despite crypto winter

Institutional clients on the exchange include legacy financial trading firms, asset managers, prime brokers, venture funds and hedge funds, among other large-cap customers. Trading activity amongst these groups has been on the up despite the crypto winter.

“Despite the market downturn, institutional activity on Okcoin continues to reflect increasing crypto interest and greater sector maturity,” the firm’s COO Jason Lau said in a comment.

According to Lau, institutional client activity in 2022 is markedly different from what was observed in the last bear market.

“Whereas in 2018 we saw institutions liquidate their crypto holdings in response to the bear market, nearly all of our clients are seeking greater exposure this time around and taking a longer term view.”

As well as being more active in this bear market, institutional investors have also veered from largely buying Bitcoin (BTC), to considering top altcoins and stablecoins. Among these, Ethereum (ETH) has featured highly, and so have two of the leading stablecoins – USDT and USDC.

According to Okcoin, USDT and USDC purchases on the exchange in Q2 jumped 116% and 47% respectively from numbers recorded in Q1. However, Bitcoin still saw the most activity in the first half of 2022 compared to stablecoins, with BTC purchases on Okcoin accounting for 40% of trades compared to 33% for stablecoins.

Okcoin is one of the earliest cryptocurrency exchanges – it launched in 2013 – and it offers over 50 digital assets. Its services are accessible in 190 countries.

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Synthetix price prediction: Here’s why SNX just soared to $4

Synthetix price continued soaring on Thursday as demand for DeFi tokens surged. SNX, its ecosystem token, rose to a high of $4, which was the highest level since May 9th of this year. It has jumped by over 180% from its lowest level this month, bringing its total market cap to over $855 million.

Why is SXN soaring?

Synthetic Network is a leading blockchain platform that describes itself as the derivatives liquidity protocol. It allows users to create synthetic assets that offer unique exposure to real-world assets on the blockchain.

The concept behind Synthetix is easy. Users can create derivatives in assets like forex, commodities, shares, and exchange-traded funds (ETFs). For example, a developer building a DEX can incorporate assets like Apple, crude oil, and copper. Some of the most popular synths in its network are sUSD, sEUR, and sAAPL.

Synthetix price has done well in the past few days for several reasons. First, its developers launched perpetual futures in its platform. Perpetual futures are similar to those in the stock market, with the difference being that they don’t have an expiry date. This product launched and expanded on Optimism, which is a level 2 project.

Second, the developers introduced atomic swaps, which are a new exchange function that allows users to atomically exchange assets with reasonable fees by pricing synth exchanges via a combination of Chainlink and DED oracles. This feature has been incorporated in Curve and 1Inch.

Further, the developers are building the third version of the platform that will be much faster and more efficient. The price also rose after the recent partnership with Jump Crypto.

Third, the Synthetix price has risen because of the booming DeFi industry. The total value locked in all DeFi platforms like Uniswap, Lido, and Curve Finance has jumped to over $84 billion. This is a significant increase from the YTD low of about $70 billion. 

Synthetix price prediction 

The daily chart shows that the SNX price has staged a strong recovery in the past few days. And now, the coin rose to the highest level since May. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level of 70.

Therefore, the coin will likely continue rising as buyers target the next key resistance level at $5. A drop below the support level at $3 will invalidate the bullish view. 

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