Polkadot– and Binance coins followed the crypto market higher from August to November, but the bearish reversal in the market over the past two months has weighed on these two cryptos, particularly Binance, which at one point lost more than half of its value. So even though the decline has stopped and they are showing signs of wanting to get bullish again, let’s take a look at what the BNB and DOT daily charts look like.
Polkadot Daily Chart Analysis – Will Buyers Go To Top MAs?
Polkadot has begun introducing the parachains that the Blockchain-Interoperability should give a boost. The first five Parachains to go live are Acala, Moonbeam, Parallel Finance, Astar, and Clover, which are apps for DeFi (decentralized financing), offer investments and loans.
Parachains solve the problem for blockchains, which have to be able to provide a multitude of services and to connect blockchains with one another. However, Parachains were released in November when market sentiment was quite bearish again and polkadot had been bearish for the past two months. DOT / USD fell from a high of $ 55 to $ 24 despite attempts to reverse the trend over the past month. Now the 200-day SMA (purple) for Polkadot has turned into one resistance transformed even though buyers are pushing hard so there will be a break soon. This retreat is not a bad time to buy DOT coins as the uptrend will soon resume once the market improves.
Binance Daily Chart Analysis – Will Support Maintained At $ 500 For BNB Coin?
BNB coin is still trading in the bullish zone
Binance coin The BNB has seen demand despite the crackdown on this crypto exchange that is part of the larger crackdown on Cryptocurrencies worldwide has increased steadily. Binance has been banned from various countries and fined in others, but it continues to operate globally as a crypto exchange and the demand for the BNB remains reasonable coin.
After rising to $ 670 by early November, Binance has pulled down as sentiment in the crypto market remains pessimistic. But the $ 500 level that was previously a resistance has turned into support and has lasted for almost two months. The WOO network, which has raised more than $ 40 million in the past few months, adds significantly to the value of the crypto ecosystem by providing deep liquidity and fee-free trading both in and out of the chain.
BSC works together with this network and should provide the Binance Smart Liquidity with the Binance Smart Liquidity after the start of the WOOFi Swap Chain. The BNB is now holding profits at around $ 500 and is likely to resume the uptrend soon, so this could be a good place to look for long positions on Binance coin.
BNB / USD
Source: Crypto News Deutsch