Binance-backed cryptocurrency BNB Coin is setting a baseline at $400 ahead of the upcoming Barral hard fork upgrade. Similar moves can be observed for the following 5 altcoins this week, accompanied by strong technical fundamentals.
BNB Coin is getting support from the altcoin bulls ahead of the upcoming upgrade
BNB Chain announced in a tweet on April 17 that the BNB Beacon Chain has been scheduled through the Barral hard fork upgrade at a block length of 310,182,000. Ahead of the major upgrade, Binance will be performing wallet maintenance for BNB Beacon Chain (BEP2) on Tuesday, April 18 at 10:00 AM. The exchange will suspend BNB withdrawals and deposits for one hour.
The Barral hard fork upgrade introduces several security improvements to the chain bridge between the BNB Beacon Chain and the BNB Smart Chain. Before the upgrade, Binance Coin is up over 5% at the same time yesterday and is currently trading in the $340 area. In addition, the increase in trading volume by more than 50% in the last 24 hours indicates increased interest from investors.
BNB Coin technical analysis
On a daily basis, the BNB price broke the resistance level of $340 and reached a 6-month high. If it rises above the internal resistance in the range of $355-360, a sharp rise to $400 may occur.
Also, the RSI and Bollinger bands are showing a move higher. RSI is nearing 70. While, Bollinger bands are showing a break for BNB price. On a weekly basis, RSI, Bollinger bands and moving averages point to the possibility of further changes in the coming weeks.
Shiba Inu (SHIB) is poised for a 38% breakout
The Shiba Inu gives a strong signal that the price is on the verge of breaking out of the consolidation phase that has been going on since early February. It has formed an ascending triangle on the daily chart since March 10.
An ascending triangle is one of the continuation patterns and shows the continuation of the initial trend after consolidation. The trend was the price action that SHIB started at $0.00000808 on January 1st and pushed the price to $0.00001589 (+97%) on February 4th.
After SHIB reached this internal high, its price dropped to $0.00000958 on March 10. But since then it has risen to higher levels. At the same time, the Shiba Inu price showed a flat resistance level on the upper border, as is characteristic of the ascending triangle pattern.
This price level is $0.00001151 for SHIB. The Bulls have failed to beat this formidable opposition in eight attempts since the start of March. However, at the time of writing, SHIB made a new test and was trading just above the resistance line at $0.00001161 after yesterday’s daily close.
What’s next for SHIB?
If SHIB can close above the $0.00001151 resistance today and turn it into support, it could mean that the high price area from early February is the next possible price target. Therefore, a price increase of at least 38% (up to $0.00001591) seems likely.
In other words, Shiba Inu can continue the high trend that started in early January. After two months of consolidation, the bulls could target $0.00001787, the August 14, 2022 high in the medium term. This will allow a price increase of more than 55% compared to the current price.
Altcoin whales are jumping on the Shiba Inu train after breaking news
One reason for the recent increase in Shiba Inu prices may be the new interest from whalers. Data from Etherscan.io shows that the young whale has made its first SHIB purchase, purchasing 3.484 trillion SHIB worth approximately $39.93 million. However, the unknown investor suddenly became the 29th owner of SHIB.
New Shiba Inu news has surfaced via an announcement from developer Shytoshi Kusama. In a recent Telegraph interview, he revealed that the launch of ShibaSwap 2.0 could be as soon as in the coming weeks and months.
Cardano is preparing for a new rally: can it reach $0.5?
The price of Cardano seems to have gained a lot of momentum since the upward pressure in the past, as the volume of purchases has reached an all-time high. However, after forming a strong base, it is currently facing a small price movement as the price was rejected from the high of $0.46 to the current level of $0.44.
ADA price is currently trading above $0.42, which collides with the 100 SMA in the short-term, forming a bullish pattern that broke the short-term resistance at $0.45. The latest price rally pushed the levels above $0.46, while the recent pullback could force the price to test the same resistance area, which has now turned into a strong support area.
The price was trading within a large congruent triangle before reaching the top, then it broke out and moved above the central resistance zone of $0.41 to $0.42. The low is slowly building up, but it doesn’t seem to be enough to stop the boom. Therefore, after a slight pullback, the price of ADA is expected to start a new price movement soon.
Also, with increasing time pressure, the price may recover the previous levels above $0.45. This could extend the rally to $0.48 with little price intervention. However, the bulls need to maintain their strength at $0.46, which could prove a breakout from bearish influence or another decline could bring the price of ADA back closer to $0.4.
Licensed transactions could explode for a leading altcoin
According to an analysis by crypto trader Skew on Twitter, Ethereum (ETH) may continue to lead the altcoin market in terms of performance, due to the positive price action in the past few weeks. The trader also says that the rise in the price of ETH in the future may provide an opportunity for other altcoin prices to rise as well.
As for ETH, the altcoin leader has seen its price drop over the past 24 hours and is currently trading at $2,085. However, ETH managed to outperform BTC over the same period, posting a 1.25% gain in the leading cryptocurrency.
One indicator that traders will want to watch closely is the daily RSI, which is currently showing a bearish signal. At the time of writing, the daily RSI line is trending negatively towards oversold territory, suggesting that the ETH price has risen and is likely to decline in the next 24-48 hours.
A popular altcoin analyst predicts a price increase for ATOM
ATOM, which is in the last part of the list, was reached by the forecast of the rally of the analysis platform IncomeSharks. According to a post dated April 4, 2023, IncomeSharks observed a significant OBV change on the ATOM chart and stated that they believe it will be followed by an increase in the price of the altcoin.
The latest rally prediction came when IncomeSharks retweeted this morning to add to a previous post. According to their latest posts, OBV has performed well and ATOM price has moved in the predicted positive direction.
In addition to the bull predictions, the high levels that analysts and investors expect can be attributed to Bitcoin’s price movements. cryptocoin.com As we highlighted in our analysis, Bitcoin miners are under pressure and could generate a selloff.
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