Binance (BNB/BTC) Technical Analysis for 03/21/2018 – Area of Interest

Binance recently broke below short-term support around 0.00107 and dipped to 0.00101. A pullback seems to be taking place and applying the Fibonacci retracement tool shows that the 50% level lines up with the broken support, which might hold as resistance.

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. However, the gap has narrowed enough to show that a downward crossover is about to happen, drawing more sellers in. These moving averages are also in line with the area of interest around 0.00107.

Stochastic is moving up but dipping into overbought territory, indicating that buyers are feeling exhausted and might let sellers take over. RSI has more room to climb, though, so a higher pullback to the 61.8% Fib at 0.00110 could take place. If any of the Fib levels hold as resistance, Binance could resume its drop to the swing low or create new ones.

Bitcoin has somewhat recovered from its recent slide as sentiment appears to be improving in the industry. So far, there have been no negative headlines coming from the G20 Summit as world leaders seem open to further developments in the space while pledging to watch it closely.

In contrast, Binance is on the back foot following the earlier hack, although the company could be closer to revealing who was behind the attack. There are speculations that the hack was conducted by a group and not an individual, and exposing these identities could ultimately prove positive for this particular altcoin and the industry in general.

What’s known is that the Binance hacker bounty reveals suspicious VIA transactions, which is a prominent altcoin which can be traded on various exchanges. There have been at least 31 transfers detected and users are welcome to contribute any data as apart of this ongoing hacker bounty accordingly.

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