Bitcoin Cash ends the trading week at 440.31 and continues to move as part of the fall. Moving averages indicate a bullish trend. Prices have broken the area between the signal lines downward, which indicates pressure from the coin’s sellers and a potential continuation of the fall. As part of the BCH/USD rate forecast for the next trading week, we should expect an attempt to continue the growth in the value of the digital asset and test the resistance area near the level of 570.55. From where a rebound is expected again and an attempt to drop the Bitcoin Cash cryptocurrency with a potential target below the level of 205.05.
Cryptocurrency Bitcoin Cash Forecast July 26 — August 1, 2021
An additional signal in favor of reducing the BCH/USD quotes in the current trading week July 26 — August 1, 2021 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the resistance area on the price chart. Cancellation of the Bitcoin Cash cryptocurrency fall option in the next trading week will be a strong growth and a breakdown of the 805.05 area. This will indicate a breakdown of the resistance area and a continued rise in BCH/USD quotes with a target above the level of 1255.05. Confirmation of a decline in cryptocurrency will be a breakdown of the support area and closing of quotations below the level of 385.05.
Cryptocurrency Bitcoin Cash Forecast July 26 — August 1, 2021 suggests an attempt to test the resistance area near 570.55. Then, the continuation of the fall to the area below the level of 205.05. An additional signal in favor of the fall in Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the 805.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 1255.05.
Binance Destroys $639 Million Worth of BNB
Binance’s burning a record $639 million worth of BNB has failed to push the price significantly higher
Leading cryptocurrency exchange Binance has announced the completion of its 17th quarterly burn.
The company destroyed more than 1.3 million BNB tokens that were cumulatively worth roughly $639 million.
This marks Binance’s biggest quarterly burn to date in dollar terms.
“Burning” is the process of shrinking the token’s circulating supply. Binance is on track to destroy 50% of all BNB tokens every quarter.
The number of tokens that are destroyed each quarter is calculated based on the trading volume on Binance’s crypto-to-crypto exchange.
As reported by U.Today, Binance burned $393 million worth of BNB in the second quarter and $595 million in the first quarter of 2021.
The BNB price added a meager 1.2% after the burn was announced before quickly trimming even such modest gains.
Last week, BNB recorded a double-digit price spike after announcing a $1 billion growth fund.
Binance (BNB) Price Analysis: On-chain Data Shows Rise In Demand for the BNB Coin, Will BNB Outperform BTC?
Why Is Binance Coin (BNB) Price Surging? Among many reasons recent 1 billion USD fund for project development of DApps on the Binance Smart Chain [BSC] is one major catalyst fueling the BNB price.
The crypto data tracking service, Santiment spotted an increase in demand for BNB on wallets with BNB whales acquiring roughly 412K BNB in recent weeks. The move shows that big money remains bullish on the BNB coin in the face of regulations.
The BNB burn protocol is another interesting bullish catalyst for the BNB token price as the bulls hold on to their positions in wait for this event.
A dive into the price chart should also give us further insights into significant patterns and technical drivers of the BNB price.
Binance (BNB) Weekly Chart Analysis
Both bearish and bullish divergence price vs. oscillator patterns keeps the BNB price hovering within the $680 resistance and $211.70 support.
The recent bear trap candlestick pattern on 20 September prepares a bullish tone for a price increase beyond the $509.90 resistance and heading to the $680.00 ATH.
The RSI  couldn’t reach level-25, which therefore represents a bullish outlook for the BNB price.
A breakout above the $680 resistance could see the BNB price rising into four-figure price zones for the first time.
Binance (BNB) Daily Chart Analysis
Following a collapse of hidden bullish divergence trend lines on 07 September ‘21, the BNBUSDT price slumped by roughly 23%, then quickly reversed to the upside by an opposing regular bullish divergence on 28 September ’21.
The bulls have re-established control as the RSI enters the overbought area for the second time at press time.
Meanwhile, an impending bearish divergence setup is projected around the $518.90 resistance. On the other hand, a surge in bullish momentum may see the RSI shooting beyond the 85-level, therefore, nullifying the anticipated reversal pattern.
Binance (BNB) 4HR Chart Analysis
The 4HR time frame follows a similar price dynamics as the daily time frame with an opposing regular bullish divergence on 12 October ’21 at 08:00. This led to a parabolic upswing for the BNB price and soaring above the 07 October 12:00 resistance [$446.60].
Raging bulls could use the old $446.60 resistance as new support, which is a possible upward scenario for the BNB price. A prolonged correction phase could see the price dropping to the $424.00 support.
Binance (BNB) Intraday Levels
- Spot rate: 468.4
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $392.20, $424.0, and $446.60
- Resistance: $473.0 and $518.90
Binance Coin (BNB) Spikes 10 Percent on Announcement of $1 Billion Growth Fund
Binance Coin is on a tear after Binance announced the launch of a massive $1 billion fund
The price of Binance Coin (BNB) has spiked nearly 10%, reaching an intraday high of $433.
This comes after Binance, the world’s largest cryptocurrency exchange, announced the launch of a $1 billion fund in order to develop the Binance Smart Chain (BSC) ecosystem.
Fifty percent of the aforementioned sum is reserved for developing decentralized gaming computing and virtual reality.
A total of $300 million has been allocated to hackathons and sponsoring developers as part of its Most Valuable Builder (MVB) program.
The remaining part of the $1 billion will be used for talent development and the liquidity incentive program.
The end goal is to make BSC the “most inclusive” blockchain with real-life use cases:
This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone.
BNB’s price spike has also provided temporary relief for some of the top altcoins, pushing Bitcoin’s dominance down.