BINANCE (BNBUSD) Price Is Awaiting a Breakout

26 February 2021 | Updated: 26 February 2021
BNBUSD Price Analysis – February 26

A breakdown at the $196 level by the bears may lead to the declination of the price to $142 level in which further decrease will drop the price to $117. The continuation of the bears defending the $196 support level may push up the price to the resistance level at $254; above the level is $311 and $364 resistance level.

BNB/USD Market
Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish

The coin is conforming to a triangle chart pattern in the daily chart. February 19 was the first time the coin tested the resistance level at $364. The level rejected further increase in price with the formation of strong bearish candle. The price decline to $254 level. Today, February 26 the support level at $196 has been tested when the coin is pulling back from the resistance level at $254.

BNBUSD Daily chart, February 26

BNB is testing the support level at $196 as at the time of writing this report. A breakdown at the $196 level by the bears may lead to the declination of the price to $142 level in which further decrease will drop the price to $117. The continuation of the bears defending the $196 support level may push up the price to the resistance level at $254; above the level is $311 and $364 resistance level. The relative index indicator period 14 is at 60 levels with the signal line pointing down which connotes sell signal.

 BNBUSD medium-term Trend: Bearish

BNB is bearish in the 4-hour chart. The price action has formed a triangle chart pattern in the 4-hour chart. Yesterday at the early market period, the price was in the ranging movement at $254 price level. The sellers later prevail and the price dropped towards the support level at $196. It seems the price may breakout at the lower trend line of the triangle which may leads to further price reduction.

BNBUSD 4-hour chart, February 26

The price is awaiting a breakout from the triangle formed. The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is exhibiting buy signal at 40 levels.

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GBPJPY Retreat Further to Sub 148.00 for the 2nd Day in a Row As Yen Rebound

26 February 2021 | Updated: 26 February 2021

GBPJPY Price Analysis – February 26

The GBPJPY exchange rate has declined to the 147.40 low level. It is unlikely that some upside potential could prevail in the market due to the seller pressures as the pair aligns while indicating a significant correction. The Japanese Yen rides on the turn-in risk sentiments and rebounded after positive data from BoJ.

Key Level
Resistance Levels: 151.80, 150.44, 149.16
Support Levels: 147.40, 146.41, 145.58
GBPJPY Long term Trend: Ranging
In the meantime, note that the currency pair could gain support from the moving average 13 support at 147.20 level. Thus, the pair could rebound and approach the predetermined resistance around 149.16 level in the coming session. On the lower end, the rate could target the psychological level at 146.81 level.

An increase from the 123.99 level is seen as the third phase of the consolidation from the 122.75 (low) level. With 147.95 resistance level flipped, a further ma is seen to 156.59 resistance (high) level. The continuous breach there may validate long-term bullish trend reversal. On the downside, breach of 142.84 resistance altered support is required to be the initial sign of completion of the advance from 123.9 level.
GBPJPY Short term Trend: Ranging
The Intraday bias in GBPJPY is altered slightly bearish with an immediate steep decline. However, some range-trading could be seen beneath the 150.44 temporary high. A continuous increase is yet anticipated for as long as 142.84 resistance turned support level holds intact.

The breach of 141.21 may approach the 100% forecast of 123.99 to 142.71 from 133.03 at 151.80 levels next. In the near term, support awaits at 147.40, the 4 hours low, and then by 146.41 level. On the upside the resistance is at the 149.16 level, followed by 150.44, the weekly high.

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EURJPY Deepens Losses to the Vicinity of Mid 128.00 Level As Japanese Data Bolster Yen

26 February 2021 | Updated: 26 February 2021

EURJPY Price Analysis – February 26

EURJPY remains beneath recent high and approaches the mid 128.00 level. The pair traded at daily highs around 129.52 before grinding lower to 128.64 level. The Japanese Yen is strong against a basket of currencies after the release of the latest inflation data from the BoJ.

Key Levels
Resistance Levels: 133.12, 132.03, 130.14
Support Levels: 128.45, 127.50, 126.72
EURJPY Long term Trend: Ranging
At the moment the cross is losing 0.34% at 128.90 and faces the next support at 128.45 level followed by 127.50 (psychological level) and then 126.72 medium-low level. On the other hand, a bounce ahead of 129.97 (weekly high Feb.25) would aim for a fresh high past the 130.14 handles.

Looking at the broader picture, while above the moving average 5 at 128.50 level the outlook for the cross should remain constructive. The Relative Strength Index has made a bearish divergence pattern while the price is slightly below the horizontal barrier at 130.14. The pair may continue falling as bears target the next support at the $128.45 level.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY is altered slightly bearish at the upside channel with the present retreat. Meanwhile, some consolidations could be seen beneath the 129.97 temporary high. But further range trading is anticipated for as long as 127.50 resistance turned support level holds intact.

On the upside, above 129.97 level may restart the bullish trend from 121.63 to 126.10 to 127.50 from 125.07 at 130.14 next level. EURJPY has also moved below the moving average of 5 and 13 while the 4 hour RSI hovers around its neutral line. The pair may resume the downward trend to 127.50 level.

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TRON Price Analysis — February 26

26 February 2021 | Updated: 26 February 2021

TRON’s (TRX) mainnet continues to lag in terms of transactions, as Binance Smart Chain (BSC) hits 2.7 million in just 24 hours.

For better understanding, Ethereum (ETH) has just 1.2 million transactions. The influx of users to the BSC is likely as a result of the low fees offered by the platform, which makes transactions easier to facilitate.

On BSC, users are required to make payments using Binance Coin (BNB), which has boosted the price of the cryptocurrency in the market. Meanwhile, the exchange (Binance) also records about $1 billion in trading volume daily.

On the other hand, it has been more than a year since TRON’s mainnet got launched, but the network took 417 days to record its 3.5 millionth transaction. Creating an account on TRON’s mainnet is easy. This easy accessibility previously sparked concerns about how many of these accounts were not linked to real people.

Nonetheless, TRON’s DeFi ecosystem is performing incredibly well and has now exceeded a valuation of $5.7 billion.

Despite some positive growths in the network’s ecosystem, the price of its native cryptocurrency (TRX) is having a hard time reflecting the growth. However, TRON enthusiasts believe that this is a sign that the fundamental standings of the network are solid, but are yet to gain the attention of the cryptocurrency community at large.

TRX – 4-Hour Chart

Key TRX Levels to Watch — February 26

TRX remains in a bearish mode as the entire cryptocurrency market recorded a second crash this week. We expect the cryptocurrency to facilitate a rebound around the $0.0412 support to the $0.0500 resistance in the coming days. On the flip side, a sustained break below the $0.0400 support is very unlikely at the moment.

Meanwhile, our key resistance levels are at $0.0461, $0.0500, and $0.0514. While our key support levels are at $0.0412, $0.0350, and $0.0300.

Total Market Capitalization: $1.42 trillion

Tron Market Capitalization: $3.2 billion

Tron Dominance: 0.2%

 

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Global Yields Continue To Rise As the EURO Tries To Return

25 February 2021 | Updated: 25 February 2021

Rising global yields remain in the spotlight today, with Germany’s 10-year bond yield hitting -0.234 and the UK 10-year bond yield hitting 0.818. Earlier in Asia, Japan’s 10-year-old JGB yield closed at a high of 0.152. The 10-year US yield is also trading above 1.45.

In the foreign exchange markets, the euro is trying to return today and is currently trading as the strongest, followed by the Canadian and then the Australian. The yen and Swiss franc remain the weakest, while the sterling softens as the recent rally seems to be exhausted.

Monthly flows are cited as the main factor behind Thursday’s movement in favor of the euro and against the US dollar. The euro also appears to be gaining some support from other crosses, most notably the EUR/GBP, which bounced more than 70 pips in a day to 0.8675 areas, a decent recovery from Wednesday’s lows below 0.8550.

Apart from the above, there is no clear fundamental reason why the euro should perform so well on this day. European bond yields are rising, but to the same extent as US bond yields, which means that the yield spreads on US and European bonds have not changed as much. Either way, this is not enough for forex traders to fuss about.
European Central Bank (ECB) Monitors Longer-Term Nominal Bond Yields
The indicator of economic sentiment in the eurozone in February rose from 91.5 to 93.1. The industry confidence index rose from -6.1 to -3.3. Services confidence fell from -17.7 to -17.1. Consumer confidence rose from -15.5 to -14.8. Confidence in retail fell from -18.5 to -19.1. The employment expectation index rose from 89.1 to 90.0.

In his speech, ECB Chief Economist Philip Lane said: “Ensuring an enabling financing environment is central to recovering inflation and defining inflation expectations.” And “maintaining a favorable funding environment should include performance checks throughout our monetary policy transmission chain.”

Within the broad set of indicators, he said, “the downstream conditions faced by households and firms relying on bank loans play a decisive role.” “Indicators of risk-free OIS rates and sovereign profitability in exploration and production are especially important.”

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Coinbase Files to List Its Class A Common Stock on the Nasdaq

25 February 2021 | Updated: 25 February 2021

US-based cryptocurrency exchange Coinbase announced that it has officially filed a registration statement on Form S-1 with the SEC to become a publicly-listed entity on the Nasdaq exchange. The company confidentially submitted a draft registration statement to the Securities and Exchange Commission (SEC) last year to be listed on the exchange.

Coinbase chose to go public via a direct listing instead of an IPO. Estimates suggest that the potential valuation of the company is pegged around $28 billion.

The largest exchange in the US broke the news to the public earlier today, noting that the registration was “relating to a proposed public direct listing of its Class A common stock.”

Coinbase will list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN.”

However, although the registration statement has gotten filed, it is yet to come into effect. The company explained that: “These securities may not be sold, nor may offer to buy be accepted, before the time the registration statement becomes effective.”

Coinbase Records Significant Revenue Spike
Meanwhile, Coinbase highlighted that its filing doesn’t “constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.”

In other news, the cryptocurrency exchange revealed that its net revenue saw a significant spike in 2020 compared to 2019—$1.1 billion against $483 million. The company’s expenses also increased from $580 million in 2019 to about $870 million in 2020.

 

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Polkadot (DOT) Price Rebounds, Aiming for Higher Breakout

25 February 2021 | Updated: 25 February 2021

DOTUSD Price Analysis – February 25

With the Polkadot (DOT) price up to around 10% in 7 days and 0.24% in 24hrs, all eyes are on the coin to deliver further gains. After DOTUSD recovered from the weekly low of $25.82 level the pair looks to sustain the advance beyond the $35.54 daily high. At the time of writing DOT token is worth around $34.00.

Key Levels
Resistance Levels: $42.71, $40.13, $37.24
Support Levels: $29.34, $25.91, $23.05
DOTUSD Long term Trend: Ranging
As observed on the daily chart, after its recent pullback, the altcoin holds above the $25 level and ditches the corrective downtrend seen across the crypto board last week. DOTUSD price has recovered from the selling frenzy and is climbing higher in hopes of establishing a new uptrend.

A rise in buying pressure here could propel the DOT token to its intended target at $50. DOTUSD traders need to be aware that rejection at either $36.20 and MA 5 zone or the resistance barrier at $37.24 may be disastrous. If this occurs, DOT would re-enter the consolidation phase and slide to the 78.6% retracement level at $29.34.
DOTUSD Short term Trend: Ranging
On the 4-hour time frame, DOTUSD price continues to hover around its MA 5 and 13 while the Relative Strength Index (RSI) stays well within its midlines, both of which indicating more price consolidations which may eventually lead to an upside rally.

A test of the upside measured goal past the $36 marks remains on the cards should the bulls find acceptance above its near term MA 5 and 13 around the $35.00 level. The psychological $40 level could come into play if the bulls extend their control. Alternatively, the horizontal resistance at $37.24 could limit the upside run and cap the pair.

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NZDUSD Overextended at key level

25 February 2021 | Updated: 25 February 2021

Key Resistance: 0.7460
Key Support: 0.7360 – 0.7340 -0.7287

Long Term View
The NZD/USD has been in a massive bull market since the March 2020 lows, up 36.20% or 1979 pips. We have hit a mayor key level now. The last time the NU was trading at these levels was back in February 2018 and at that time price dipped 26.5% for the next 750 days.

1H chart Analysis
Price is overextended here trading inside a very steep bullish structure and now testing the highs of the mid term bullish structure (blue channel).
Price was trading inside of a range before this move and we have hit the calculated breakout targets at the 2.618 of the range. Since the range was in place we have been printing bearish divergence.

Last week´s range was 158 pips and this week´s range is 183 pips. On avg. the NU moves around 135 pips per week so we are above that average weekly range at the top of the move.

This signal was sent to the Swing Trading Signals Channel with modified targets because we are riding a longer term move. If you want to get these targets and trade management you can join here: https://learn2.trade/go-premium

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Gold Price: Upside Bias Softens on XAUUSD Beneath $1800 Level Amid a Pickup in the US Bond Yields

25 February 2021 | Updated: 25 February 2021

XAUUSD Price Analysis – February 25

Gold (XAUUSD) continues to struggle to stay afloat selling pressure within a confined range below the $1800 level through the mid-European session. The XAUUSD pair altered south in the early trading hours of Thursday and dropped to a low of $1787. A modest pickup in the US Treasury bond yields collaborated to cap the non-yielding yellow metal.

Key Levels
Resistance Levels: $2015.00, $1959.40, $1875.73
Support Levels: $1760.75, $1670.00, $1572.82
XAUUSD Long term Trend: Ranging
After closing the prior day past the $1800 level, the bears retain control amid a technical break to the downside at the day’s start. The price of Gold confirmed a breakdown towards the ascending trendline support while trading at lows of 1787 level.

The bearish break calls for a retest of the prior day’s low at the $1783 level, below which the measured target of the horizontal support at $1760 could be challenged at the ascending trendline zone. The downside bias also got additional credence after the price breached the MA 5 around $1795, where the moving averages 5 and 13 converge.
XAUUSD Short term Trend: Bearish
From a technical perspective, the commodity has been oscillating beneath its downside channel beneath horizontal resistance at $1875 as seen in the lower time frame. With the latest decline, the Relative Strength Index on the four-hour chart dropped below its midline at 50, suggesting that the bearish momentum is building up in the near-term.

On the downside, the initial support is located at $1760, where the 38.2% retracement of the prior week’s low is registered. If a four-hour candle manages to close below that level, XAUUSD could extend its slide to the next level (23.6% retracement) around $1700 marks.

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Bitcoin Is the Future of Collateral: Arcane Research

25 February 2021 | Updated: 25 February 2021

According to a recent 70-page report by Arcane Research in conjunction with Bitstamp, Bitcoin (BTC) is the future of collateral in the finance industry.

The report notes that Bitcoin is very similar to the internet, considering that it is a “blank canvas” on which developers can build creatively upon in any desired way.

Originally, Bitcoin was intended to serve as a cryptographically-secure digital currency. However, digital currency has evolved to be more of a store of value, a speculative asset for trading, and an efficient payment solution that could cause significant disruption in the financial industry.

That said the next step for the benchmark cryptocurrency is still unknown and could take on multiple forms. While many believe that Bitcoin’s next step is becoming the global reserve asset, Arcane believes that Bitcoin will take over the collateral industry.

The company asserted Bitcoin’s seemingly unlimited use cases make it the “greatest speculative asset in history.” For this reason, the asset trades with immense volatility, causing it to be especially attractive to derivatives traders. Derivatives trading is where a new case is expected to blossom.

Arcane reported that the primary cryptocurrency’s use as collateral has been significantly bolstered by the derivatives industry because of digital portability, helping it serve as a proof of concept for other collateral cases.

At the moment, the collateral industry is a $20 trillion market waiting to be tapped into by Bitcoin.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — February 25

Bitcoin appears to be struggling with regaining its bullish momentum, as the cryptocurrency has gotten confined within a consolidation range for the past 24 hours. BTC is currently in a pass-and-play mode between the $51,400 resistance and the $48,500 support amid thinning volume and volatility.

The prospects of Bitcoin falling below the $48k round figure seems very unlikely, at the moment, making a rebound in the coming hours possible. That said, the cryptocurrency would regain bullish stability only after a sustained break above the $52,500 resistance.

Meanwhile, our key resistance levels are at $50,000, $51,400, and $52,500. While our key support levels are at $48,500, $47,000, and $45,000.

Total Market Capitalization: $1.51 trillion

Bitcoin Market Capitalization: $928 billion

Bitcoin Dominance: 61%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.