Blockchain

A prominent Shiba Inu team member has come forward to shed light on the proper processes involved in burning the SHIB token. 

Shiba Inu Burn Process Demystified

In a brief X (formerly Twitter) post on Thursday, Lucie, a popular Shiba Inu marketer provided a detailed guideline on how SHIB users and investors should burn their SHIB tokens.

Lucie stated that before sending the SHIB token into a dead wallet, users should bridge the SHIB token back to the Ethereum network first. 

“To ensure the proper process, if you are a part of the Shibarium project and wish to burn Shib, please make sure to bridge your Shib back to the Ethereum network and then send it to the dead wallet,” Lucie stated. 

She stressed the importance of this initial step, stating that bridging the SHIB token first on Ethereum before burning it on Shibarium, allows the original SHIB to be locked in the bridge contract while a minted version of the SHIB token is sent to Shibarium to be burnt. 

“When you initially bridge your SHIB to Shibarium, the original Shib tokens are locked in the bridge contract, while a version of the token is minted on Shibarium. This means that when you decide to burn your Shib on Shibarium, you are actually burning the minted version, while the original tokens remain locked in the bridge contract,” Lucie explained. 

Presently, Shib burn rates have been increasing as the Shibarium layer 2 network keeps growing. According to Shibburn, Shib burn rates are up 193.46% in the last 24 hours and continue to rise. There have also been approximately 56,436,887 SHIB tokens burned at the time of writing. 

Shibarium Surges 493% In Transactions

Shibarium, an Ethereum Layer 2 blockchain network for Shiba Inu, has recently experienced a staggering increase in transactions. 

The Shibarium network recorded a 493% upsurge in transactions sometime on October 26. A prominent SHIB X account, Kuro SHIBArmy JPN also shared a chart of Shibarium’s daily transactions hitting a 62,560 mark on Thursday. 

“Shibarium Daily transactions are on the rise! This is just the beginning,” Kuro SHIBArmy JPN stated. 

Presently, the total number of transactions on the Shibarium network is approximately 3,665,371 and the active wallet addresses on the layer 2 network are over 1,2656,600. The daily transactions on Shibarium have also hit approximately 13,550. 

The Shib community members are currently celebrating the recent milestones achieved by Shibarium which emphasize the strength of the growing network and its widespread adoption. 

On Wednesday, October 25, a prominent cryptocurrency analyst Dark Defender revealed that the price of XRP will go parabolic in the future, highlighting how it is going to happen and when it is expected to happen. 

Crypto Analyst’s XRP Price Projection

The XRP analyst recently took to X (formerly Twitter) to share his predictions and optimism on the XRP price going parabolic and how it is going to happen.

In the Dark Defender X post, there are two crucial support levels and three resistance levels for the digital asset, which include $0.52 and $0.46 for the support levels, while the resistance levels are $0.66, $1.88, and $5.85. 

According to him, the XRP price could be on its way to surpass the $1 mark if it manages to break through the $0.66 resistance level. And when this happens, the next resistance level will be $1.88. 

The analyst’s recent projection presents a 210.64% price surge if the XRP price breaks through the $1.88 resistance level, which will see the cryptocurrency potentially heading toward the coveted $6 mark.

One interesting thing about the analyst projections is the fact that his projections are based on an examination of the XRP’s weekly market trajectory over the past two years.

According to the chart posted by Dark Defender, the trends that were evident prior to the July surge seem to be resurfacing, suggesting a potential bullish run for XRP between 2024 and 2025.

So far, the XRP analyst is not the only one who believes in a potential price for XRP. Several other experts have shown increased credence about the XRP’s potential price surge this year.

In September, Wells Fargo manager Shannon Thorp predicted the price of XRP could go as high as $500, presenting a bullish concept for the cryptocurrency.

Another prominent figure in the crypto space who has expressed his optimism about the XRP price potential is CryptoInsight, drawing comparisons to the Bitcoin fractal from 2017. This is because the question that has been swelling among the crypto community is whether XRP will mirror the 2017 Bitcoin fractal in the coming weeks.

Leaving the result open-ended, he speculated that there is a possibility that XRP will outperform following a five-year period of consolidation.

According to CryptoInsight, this is because most of the cryptocurrencies now basically began their bull market after surpassing their previous peak, but the XRP seems to have plummeted due to the SEC’s lawsuit on Ripple being dropped. 

However, a recent rally has shown a significant 13% surge in the price of XRP over the past week, with a trading volume of $2.3 billion. The cryptocurrency is currently trading at $0.55 as of the time of writing.

With XRP’s recent growth, the cryptocurrency seems to have surpassed some of the leading altcoins in the crypto market, such as Solana (SOL) and Chainlink (LINK).

FLOKI, in the dynamic and continually evolving world of cryptocurrency, stands as a noteworthy contender, demanding serious consideration within the distinctive and inherently speculative market of meme coins.

FLOKI, a cryptocurrency that draws inspiration from Elon Musk and derives its name from his Shiba Inu companion Floki, has exhibited a notable surge in value, with a 26% price appreciation observed over the course of the past 24 hours.

At the time of writing, FLOKI was trading at $0.000038, and registered a commanding 134% increase in the last seven days, surpassing today’s top 100 roster of cryptocurrencies, according to data by crypto market tracker Coingecko.

The recent increase in value aligns with the forthcoming introduction of FLOKI’s eagerly awaited staking initiative scheduled for October 27, 2023.

We will be launching the $FLOKI staking program on the 27th of October, 2023.

To ensure a sustainable staking program, we will also be launching a sister token that #Floki stakers will earn as rewards. This token is a utility token that targets an industry with trillion dollar… pic.twitter.com/VRWJKUFeLd

— FLOKI (@RealFlokiInu) October 25, 2023

The Role Of Staking In Cryptocurrency

Many people in the cryptocurrency industry and among FLOKI’s investment base are looking forward to the next staking project.

Staking is a key component of blockchain technology, enabling cryptocurrency holders to support network security and maintenance while earning rewards by locking up their assets.

This active participation benefits both the blockchain’s stability and stakers, who receive passive income in the form of new tokens or transaction fees. Staking encourages long-term commitment and community engagement in the cryptocurrency space.

FLOKI’s recent 26% single-day price spike enabled the meme coin to tally a high not seen in several months and entering a price range between $0.00003235 and $0.00003500.

To keep this positive trend going, the meme coin needs to surpass the $0.00003368 mark. If it manages to do so, it might continue climbing and reach the $0.00003501 mark, or in a very optimistic scenario, even go up to $0.00004000.

The Hype Around FLOKI Staking Launch

The staking launch offers FLOKI holders an opportunity to accrue further FLOKI incentives solely by retaining ownership of the token. It is not surprising that FLOKI prices have experienced a significant increase in value due to the anticipation around its upcoming introduction.

The forthcoming launch event will additionally provide pertinent information regarding its affiliated digital asset, TokenFi, denoted by the ticker symbol $TOKEN. Consequently, this development is expected to generate significant anticipation for the aforementioned meme token, leading to a substantial increase in its market value.

Meanwhile, Coincodex forecasts that by October 27 the price of Floki Inu will have dropped by 7.26 percent, to USD 0.00002352. The Fear & Greed index is currently at 53, which is neutral despite the bullish signals from the technical indicators.

Based on Floki Inu’s past price patterns, we can estimate that it will be worth as little as 0.00002205 USD in 2024, and as much as 0.00005826 USD in 2025.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Bitcoin rallied above $35,000 on the back of the euphoria of the possible approval of a Spot Bitcoin ETF. Although the rally seems to have cooled off, a particular crypto analyst’s prediction suggests that the bulls could enjoy total dominance soon enough in what will see the flagship cryptocurrency rise to $45,000. 

Bitcoin’s Incoming Phase Could See It Hit $45,000

In a post shared on their X (formerly Twitter) platform, crypto analyst CryptoCon shared his prediction on Bitcoin’s future trajectory. The analyst mentioned that Bitcoin was currently at the “Mid-Cycle phase 4,” which happens to be the period where the crypto token is heading closer to the “Cycle Mid-Top,” which currently positions Bitcoin to rise above $45,000. 

CryptoCon’s prediction seems to be made based on the Fibonacci trading strategy, as evident in the accompanying chart, which he shared in his post. The chart breaks down Bitcoin’s historical price data into four cycles, namely: Cycle 1 (2010-2014), Cycle 2 (2015-2018), Cycle 3 (2019-2022), and Cycle 4 (2023-2026). 

The Phases In These Cycles 

These cycles are further divided into five phases, which CryptoCon seemed to focus more on. These phases include Phase 1 (Cycle Lows), Phase 2 (Transition from Cycle Lows), Phase 3 (First Move out of the Lows), Phase 4 (Transition to Cycle Mid-Top), and Phase 5 ( Cycle Mid-Top).

CryptoCon noted that Bitcoin’s price usually hits phase 5 quickly once phase 2 is over (about two months after, according to the analyst), and if that is the case once again, then $45,000 could be soon. If that doesn’t happen, he foresees that Bitcoin could face resistance at the top of the transition, where it is currently priced at $36,368.

As to when all this could happen, he noted that October represents the first month after phase 2 ended. Therefore, the market could see the mid-top phase could happen as soon as November when Bitcoin will likely hit and rise above $45,000. 

Interestingly, CryptoCon’s prediction coincides with that of the crypto platform Matrixport, which estimates that Bitcoin could hit $45,000 between November this year and April 2024. In their report, Matrixport goes on to make a bolder claim that Bitcoin could hit $125,000 by December 2024.

Bitcoin Halving Or Institutional Adoption?

Different crypto analysts have continued to make predictions about Bitcoin’s future trajectory even as the Bitcoin Halving draws nearer. Some of these analysts have credited the event as the catalyst that will spark the massive surge in Bitcoin’s price. Others believe that the launch of a Spot Bitcoin ETF alongside institutional adoption is what will make Bitcoin hit new highs. 

Meanwhile, some contemplate that the market may already be priced in as to any impending approval of a Spot Bitcoin ETF, as this is a classic case of “buy the rumor, sell the news.” If that is the case, many predict that we could see a decline when the ETFs launch due to massive sell-offs from traders and investors looking to realize their gains. 

LINK recorded impressive gains in the past week, with an over 43% seven-day price increase. However, the token’s price has slightly retraced in the last 24 hours, likely due to buyers taking profit after an aggressive accumulation phase for LINK tokens. 

Chainlink’s notable uptick could be due to the ongoing bullish waves in the broader crypto market. Bitcoin, the flagship cryptocurrency, recorded a significant uptick, surging to nearly $35,000, the highest in over a year. 

Bitcoin’s performance triggered a wave of optimism across the crypto market, causing most coins, including LINK, to soar. Moreover, Chainlink’s CCIP has recorded additional adoption and likely consolidated on LINK’s price gains. 

But how far can the ongoing bullish momentum take LINK? Can it conquer prevailing resistance to reach $15? Let’s find out! 

LINK Shows Signs Of Retracement, Is $15 Possible?

LINK is in an uptrend after breaching the $6.99 support level as buyers re-entered the market and forced a rally to the $11.9 resistance level. 

LINK’s rally began last week when it surged from $7.42 on October 16 to $10.41 on October 23. While the rally has stalled, the latest strides show that buyers are intent on facilitating further rallies to retest the $11.9 resistance

A move above this level would empower LINK to target $15. Moreover, the higher high candlesticks on the chart imply that LINK will likely consolidate on its rally in the coming days. 

Additionally, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a strong buy signal. The green Histogram bars confirm this signal, which implies that LINK buyers are still active. 

LINK trades at $11.003, with a 1.62% increase in the last 24 hours. Based on LINK’s trajectory, it will likely break above the $11.9 resistance to reach $15 in the coming weeks if buyers sustain their charge. 

What Is Driving LINK’s Price Gains?

Besides the general uptrend in the crypto market, Chainlink has recorded notable developments within its ecosystem, likely sustaining its price gains.  

One such is the integration of Chainlink’s CCIP by DeFi provider Affine. The Chainlink CCIP is the new industry standard for secure cross-chain linking on Ethereum and Polygon mainnets. 

Affine hopes to leverage the CCIP’s messaging abilities to create a cross-chain NFT bridging function for Affine Pass NFTs. It will ensure seamless and secure NFT transfers between supported blockchains. 

According to Affine developers, they selected Chainlink to host the Affine NFTs due to its proven security and reliability track record. 

More so, some experts forecast that there will be up to $5 trillion in tokenized digital securities by 2030. Chainlink will likely benefit from this expansion since it is a significant player in tokenized assets technology.

With benefits such as fast transaction settlements, operational cost savings, and enhanced transparency, tokenization will likely boost Chainlink’s overall value. 

These developments are likely sustaining the price gains for the LINK token in the past week. Although LINK trades slightly above $11 today, it will likely rise to $15 if market conditions remain favorable.

The US Securities and Exchange Securities Commission (SEC) and Ripple Labs are expected to proceed to finalize a settlement following the official dismissal of the former’s claims against Ripple’s CEO Brad Garlinghouse and its co-founder Chris Larsen. In line with that, pro-XRP legal expert John Deaton has revealed how the settlement will play out. 

A Settlement Isn’t Going To Be Straightforward

In a post shared on his X (formerly Twitter) platform, Deaton mentioned that he doesn’t believe “there has been a single serious conversation regarding settlement” between the SEC and Ripple alongside its executives. He said that the Commission is “pissed and embarrassed and wants $770M” as a fine for Ripple’s violation of securities laws.

He further noted that the penalty phase isn’t as straightforward as some may think, as it is “like a second case” but one that requires more depositions, interrogatories, requests for the production of documents, emails, bank statements, contracts, and ODL transactions. 

The process is also made more difficult as while the SEC is insistent on a $770 million fine, Ripple wants to “drastically reduce” the figure, as Deaton stated. To achieve this, Ripple will be looking to exclude the ODL transactions, which the SEC may claim are under institutional sales that violated securities laws. 

Deaton also alluded to the SEC’s case against the decentralized content-sharing platform LBRY, which took “eight months of additional litigation” before the Judge ordered that the platform pay a fine of $111,614 to the Commission. That case was also not straightforward as both parties had to file multiple briefs again, and depositions were taken. 

How The SEC’s Case Against Ripple Could Play Out

As to when a final judgment could come from Judge Analisa Torres, Deaton doesn’t foresee one until late summer “at the earliest.” With that in mind, he mentioned that it could take a full year before the SEC (or even Ripple) gets the chance to file an appeal in this case. 

The lawyer once again mentioned the role that Coinbase’s Motion To Dismiss (MTD) could play in this case and a potential settlement. He said that the SEC “will be forced to pivot its anti-crypto agenda and then work out a possible settlement with Ripple” if Judge Failla grants the motion. 

However, a settlement is unlikely if the crypto exchange were to lose its MTD. Coinbase is asking the judge to dismiss the SEC’s case against it, arguing that the Commission doesn’t have jurisdiction over its activities. Hearing of Coinbase’s oral argument is slated for January 17, 2024, with a ruling likely to come within 60 to 120 days after. 

In the meme coin realm, the last week has ignited fresh momentum, and the buzz revolves around Pepe Coin (PEPE), which has witnessed a remarkable surge over the weekend. This rally has set traders’ minds racing, as they contemplate whether PEPE’s ascent could evolve into a formidable challenge to the supremacy of Shiba Inu (SHIB) and Dogecoin (DOGE).

At the time of writing, PEPE was trading at $0.00000120, up 3.3% in the last 24 hours, and registered an impressive weekly increase of 90%, data from crypto market tracker Coingecko shows.

PEPE Reaches 155K On-Chain Wallets

Just recently, Pepe had reached a market cap of $1.6 billion, sparking conversations about its potential to compete with the crypto market’s top meme coins. This rapid resurgence showcases its resilience and its enduring allure to traders and investors.

Pepecoin, drawing inspiration from the iconic Pepe the Frog meme, has carved a noteworthy niche in the meme coin arena. Its remarkable journey in early 2023, achieving a staggering $1.6 billion market cap and a rapid 100% weekly growth, hints at the potential for a price surge in Q4 2023.

142,069 $PEPE pic.twitter.com/B0tp66Oq4u

— Pepe (@pepecoineth) October 25, 2023

As this developed, the frog-themed meme coin also made headlines when its reach extended to over 155,000 on-chain wallets, encompassing all tokens bridged to both Arbitrum and BSC, underlining its widespread adoption and engagement within the cryptocurrency community.

This impressive user base indicates a growing and vibrant ecosystem, poised to explore new horizons and opportunities in the digital asset space.

PEPE’s Robust Market Valuation

The sudden and robust gains in PEPE’s price have captured the attention of traders and investors, highlighting its potential as an attractive investment within the volatile cryptocurrency market.

Pepe (PEPE), a meme coin born during crypto winter, has witnessed an astonishing feat, doubling its price within a week to reach a $500 million market cap. This surge comes as traders anticipate the potential impact of a Bitcoin (BTC) spot ETF on the broader market.

As market charts showed a 1% gain in the global crypto market value, reaching $1.28 trillion as of October 26, the prices of cryptocurrencies saw a little boost. Positive momentum from the “Uptober” surge caused the cryptocurrency market to rise significantly in the last few sessions on a global scale.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock/Linas Toleikis

The crypto community is abuzz with speculation as analysts draw parallels between the current XRP price movement and the 2017 Bitcoin (BTC) fractal. With several events on the horizon, many are wondering if the cryptocurrency is on the brink of a significant breakout.

Cryptoinsightuk, a recognized figure in the space, tweeted yesterday, “XRP Blast off in T-19 days. I’ve seen a lot of people overlay the 2017 BTC fractal to the present day and to be honest it is following it VERY closely.” Accompanying the tweet were images highlighting the similarities between the two price movements.

The 2017 BTC Fractal and XRP’s Current Position

The first image shared by Cryptoinsightuk overlays the 2017 BTC price movement onto the current XRP price chart. The striking resemblance between the two has caught the attention of many in the community. The consolidation phase of the 2017 BTC fractal, which began around October/November 2020, is being compared to XRP’s current position.

Elaborating on this, Cryptoinsightuk shared a second image, stating, “The consolidation on the left starts in October/November 2020. If we look at where XRP was at this time; It was right here.” The image indicates that following this consolidation phase in 2017, BTC experienced a massive 241% expansion at the end of 2020.

However, it’s essential to note that while BTC was experiencing its bull run in 2017, XRP faced a significant setback. As Cryptoinsightuk pointed out, “We then crashed HEAVILY because of a Black swan event (SEC lawsuit was dropped on Ripple), whilst most other cryptos started their bull markets, breaking their previous ATHs (All-Time Highs).”

As NewsBTC reported, the SEC lawsuit against Ripple Ripple had a profound impact on the XRP price, causing it to plummet. This event has left many wondering if the cryptocurrency, after consolidating and three consecutive victories over the SEC in recent months, is now poised for a significant breakout.

Will History Repeat?

The million-dollar question on everyone’s mind is whether XRP will follow the trajectory of the 2017 BTC fractal. If it does, we could be looking at a substantial price surge in the coming weeks. However, as with all things in the crypto world, nothing is guaranteed.

Cryptoinsightuk’s tweet ends on a speculative note, asking, “Will history repeat? Or, will XRP outperform after consolidating for over 5 years?” If history repeats itself, the XRP price could blast off in as little as 18 days.

XRPEuropean chimed in on the discussion, commenting that there are several potential strong catalysts which could propel the price to new heights, “Love the countdown man. Lots going on with the settlement talks by Nov 9, Ripple Swell and ISO20022 on Nov 19 …. All we need is a Bitcoin spot ETF approval as well.” Cryptoinsightuk responded with enthusiasm, stating, “That would be fireworks!”

While the optimism is palpable, some analysts urge caution. JC Hodler recently tweeted, “BTC fractal does look promising for the next bull-run to start. But so did the fractal for XRP in 2021 to take the ATH out & it never happened because of the lawsuit. Still waiting on the Tether lawsuit that should have an effect on all coins. Only time will tell.”

Will XRP Release Its Stored Energy?

Renowned crypto analyst Egrag has weighed in on the ongoing discussions about XRP’s price trajectory, offering a bullish perspective. According to Egrag, a significant upswing in XRP’s price seems inevitable. “XRP Mega Bounce Is Inevitable – Fib 1.618 ($27),” he stated in reference to his 1-month XRP/USD chart.

In his analysis, Egrag compared the previous bull runs of major cryptocurrencies. “In the previous bull run, BTC skyrocketed by 23x and ETH went up a whopping 58x!” He used this historical data to set the stage for XRP’s potential performance, highlighting that XRP’s journey was unfortunately halted due to the SEC. “However, the XRP journey hit a roadblock when it was slapped with a lawsuit, putting a pause on the bull run.”

Egrag suggests that once XRP overcomes its legal challenges, it could unleash significant pent-up potential. He elaborated that the cryptocurrency, upon embarking on its next journey, “will release its stored energy, launching it into the cosmic expanse like a shooting star! A 40X move is on the horizon, representing a staggering 4000% gain, perfectly aligning with the Fib 1.618 from the 2017 peak to the 2020 bottom.

At press time, XRP traded at $0.5509.

Ethereum price started a downside correction from the $1,866 high against the US dollar. ETH must stay above the $1,750 support to start a fresh increase.

Ethereum failed to gain strength above $1,850 and corrected lower.
The price is trading above $1,750 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support near $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline if it fails to stay above the $1,750 support.

Ethereum Price Signals Downside Correction

Ethereum attempted a fresh increase above the $1,820 level. ETH even cleared the $1,850 resistance, but the upsides were limited. The price traded as high as $1,866 and recently started a downside correction, like Bitcoin.

There was a move below the $1,810 and $1,800 levels. Besides, there was a break below a key bullish trend line with support near $1,810 on the hourly chart of ETH/USD. The pair traded close to the $1,750 support before the bulls emerged.

A low is formed near $1,763 and the price is now consolidating. It is trading near the 23.6% Fib retracement level of the downside correction from the $1,866 swing high to the $1,763 low.

Ethereum is now trading above $1,750 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,815 level. It is close to the 50% Fib retracement level of the downside correction from the $1,866 swing high to the $1,763 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,850 zone. A close above the $1,850 resistance could start a decent increase. In the stated case, Ether could surpass $1,865 and test $1,920. The next key resistance is near $1,950, above which the price could accelerate higher. In the stated case, the price could rise toward the $2,000 level.

More Losses in ETH?

If Ethereum fails to clear the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,765 level.

The next key support is $1,750 and the 100-hourly Simple Moving Average. A downside break below the $1,750 support might send the price further lower. In the stated case, Ether could drop toward the $1,700 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,815

BNB price struggled to climb above $240 and corrected gains against the US Dollar. It is now approaching a major support zone at $220 and $215.

BNB price is slowly moving lower toward the $220 support against the US Dollar.
The price is now trading above $215 and the 100 simple moving average (4 hours).
There is a key bullish flag pattern forming with resistance near $225 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum if there is a clear move above $228.

BNB Price Eyes Fresh Increase

These past few days, BNB price saw a decent recovery wave above the key $220 resistance zone. Bitcoin rallied over 20% to $35,000 and helped BNB avoid a major downside break.

The price climbed above the $225 and $230 resistance levels. However, it struggled near the $238-$240 zone. A high was formed near $237.6 and the price recently started a downside correction. There was a move below the $235 level.

BNB dipped below the 50% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high. It is now trading above $215 and the 100 simple moving average (4 hours). There is also a key bullish flag pattern forming with resistance near $225 on the 4-hour chart of the BNB/USD pair.

If there is a fresh increase, the price could face resistance near the $225 level. The next resistance sits near the $228 level. A clear move above the $228 zone could send the price further higher. In the stated case, BNB price could test $238. A close above the $238 resistance might set the pace for a larger increase toward the $250 resistance.

More Losses?

If BNB fails to clear the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level and the 61.8% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high.

The next major support is near the $215 level or the 100 simple moving average (4 hours). If there is a downside break below the $215 support, the price could drop toward the $207 support. Any more losses could initiate a larger decline toward the $202 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $220, $215, and $207.

Major Resistance Levels – $225, $228, and $238.