BNB's 'Head and Shoulders' Pattern: Is a 19% Surge Likely Now?

In the world of cryptocurrency trading, patterns can be both exciting and intimidating. Among these patterns is the inverse head and shoulders (IHS) pattern, which has been spotted on Binance Coin's (BNB) chart. This technical indicator suggests that if BNB breaks through key resistance levels, it could see a strong upward move, with a target near $725 – representing a 19.45% increase from its current price around $545.

But before we dive into the details of this potential breakout, let's take a step back and understand what an IHS pattern is all about. Essentially, it's a reversal pattern that signals a potential change in trend direction. In the case of BNB, the IHS pattern indicates that the cryptocurrency might be poised for a bullish breakout.

The Power of Technical Analysis

Technical analysis (TA) involves studying charts and patterns to predict future price movements. While some traders swear by TA, others prefer fundamental analysis or a combination of both. Regardless of your approach, understanding the basics of technical indicators can help you make more informed investment decisions.

In this case, the IHS pattern is formed when a low price (the "head") is followed by two higher lows (the "shoulders"). The breakout from this pattern occurs when the price exceeds the neckline – in BNB's case, around $560. If the cryptocurrency successfully breaks through this level, it could lead to a significant surge in value.

The Role of the Relative Strength Index (RSI)

Another important indicator in TA is the Relative Strength Index (RSI). This tool measures the magnitude of recent price changes to determine overbought or oversold conditions. In BNB's case, the RSI is currently neutral, indicating room for price movement in either direction.

However, since the RSI is slightly above 50, there is a potential for bullish sentiment to grow if buying momentum increases. This could be an indication that the IHS pattern might indeed lead to a breakout.

The Importance of Coinglass Data

Coinglass data shows that as of September 18, 2024, the BNB OI-Weighted Funding Rate is -0.0083%, indicating a slight bearish bias in the market. This could be a warning sign for traders who are considering entering long positions on BNB.

A Trade Setup to Watch

According to a recent analysis from AMBCrypto, traders can expect a 1:3 risk-to-reward ratio with an ideal entry point above $545, a target of $600, and a stop-loss around $525. However, this trade setup will only activate if BNB closes its daily candle above $545.

Conclusion

In conclusion, the IHS pattern on BNB's chart suggests that the cryptocurrency might be poised for a bullish breakout. While technical indicators can be useful tools in predicting price movements, it's essential to remember that no indicator is foolproof. Always do your own research and consider multiple sources before making any investment decisions.

How to Buy Rari Governance Token?

As we explore the world of cryptocurrency trading, it's essential to understand the different types of tokens available. In this post, we'll focus on the Rari Governance Token (RGT), a native cryptocurrency that performs governance functions for Rari Capital – a decentralized finance protocol.

What is Rari Governance Token (RGT)?

RGT serves as the governance token for Rari Capital, allowing users to borrow, lend, and earn profits from their crypto assets. This token plays a crucial role in facilitating transactions within the Rari ecosystem.

Where to Buy RGT Coin?

RGT can be safely bought and sold on Binance – the world's largest cryptocurrency exchange by trading volume.

A Step-by-Step Guide to Buying RGT Coin

1. Become a member of the Binance exchange.
2. Transfer cryptocurrency or fiat currency to your Binance account wallet.
3. Go to the RGT/USDT interface and enter the amount you wish to purchase in the limit section.
4. Complete the purchase with the Buy RGT order.

Important Note

The information contained in this article does not constitute investment advice, and investors should be aware of the high volatility and risk associated with cryptocurrencies.

Hamster Kombat Sets Rewards Deadline for Upcoming HMSTR Token Airdrop

In a recent development, Hamster Kombat – a popular Telegram-based crypto game – has announced a deadline of September 20 for players to accumulate rewards for its upcoming HMSTR token airdrop on the TON network. The game's developers have set September 20 as the cutoff date for the first season of in-game rewards, which will determine players' allocations in the HMSTR token airdrop scheduled for September 26.

What You Need to Know About the HMSTR Token Airdrop

To be eligible for the airdrop, players must participate in the game and meet certain criteria before the deadline. A "snapshot" of players' in-game earnings and status will be taken at 6pm UTC on September 20 to determine their rewards.

The Potential Impact of the HMSTR Token Launch

The HMSTR token launch is expected to attract over 300 million total players, with 94 million active players in the last month. However, concerns have been raised about potential network issues on TON due to the large-scale distribution of HMSTR tokens. The TON Core developers have acknowledged these concerns and warned that the launch could lead to "more technical pressures and possibly some unforeseen issues."

Conclusion

In conclusion, the deadline set by Hamster Kombat marks a crucial milestone for players looking to participate in the upcoming token airdrop and capitalize on the game's massive player base. However, it's essential to be aware of the potential risks associated with the HMSTR token launch.

Bitcoin (BTC) Price Closes Above Crucial Support Levels as US Fed Initiates Expected Quantitative Easing Cycle

In recent news, the Bitcoin (BTC) price has closed above crucial support levels, driven by the US Federal Reserve's initiation of an expected quantitative easing cycle. The demand for Bitcoin has increased in recent times, as shown by the U.S. spot BTC ETFs and a multi-year low in CEX supply.

Key Points to Consider

1. Bitcoin Price Rally: The Bitcoin price rallied nearly 3% in the past 24 hours to reach $62,508 before retracing towards $62,138.
2. Fed's Quantitative Easing Cycle: The Federal Reserve cut its benchmark interest rate by 50 bps, kickstarting the quantitative easing cycle and boosting the economy.
3. Correlation with Gold Price: There is a correlation between Gold and Bitcoin prices due to their common use as safe havens, with Gold price already in the price discovery phase.
4. Supply of Bitcoin on CEXs: The supply of Bitcoin on centralized exchanges has remained at a multi-year low of about 2.35 million, down from over 2.7 million at the beginning of this year.
5. US Spot Bitcoin ETFs: The US spot Bitcoin ETFs have registered a net cash inflow of more than $540 million in the past two weeks.

Technical Analysis

The Bitcoin price is on the path of retesting its all-time high if the bulls remain in control. However, it must consistently close above $62k in the coming days to guarantee a rally towards $68k. If the bulls fail to defend the current rising trend, the flagship coin could retrace towards $54k before rebounding in the fourth quarter.

Disclaimer

This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly, so it's essential to verify information on your own and consult with a professional before making any decisions based on this content.

Bitcoin Crosses $62K with 0.5% Fed Rate Cut, Eyes $70K by Month-end

In recent news, Bitcoin has surpassed the $62,000 mark due to a breakout run in the 4-hour chart and a surge in demand. The rate cut announced by Jerome Powell, chairman of the U.S. Federal Reserve, has fueled a bull run in Bitcoin.

Key Points to Consider

1. Rate Cut Announcement: Jerome Powell's announcement of a 50-basis-point rate cut has boosted the crypto market.
2. Breakout Run: Bitcoin's price action forms an inverted head-and-shoulder pattern with a neckline near $61,451, indicating a breakout rally.
3. Golden Crossover: A golden crossover is witnessed in the four-hour chart between the 50- and 200-day EMMs, further supporting the uptrend.
4. Support and Resistance Levels: The next resistance level for Bitcoin stands at $64,600 and $65,560, while support levels are at $60K and $57,681.
5. US Spot Bitcoin ETFs: Despite the surge in Bitcoin, US Spot Bitcoin ETFs witnessed a minor dip with a 52.7% outflow.

Conclusion

The current uptrend in Bitcoin is fueled by the rate cut announcement and a breakout run in the 4-hour chart. Analysts believe that this trend could continue for the rest of the month, potentially reaching $70,000. However, it's essential to note that the crypto market is highly volatile, and any predictions should be taken with caution.

These Alts Gained The Most After Fed’s Rate Cut as BTC Tapped 23-Day Peak (Market Watch)

In recent news, several altcoins have performed even better than Bitcoin after the US Federal Reserve cut interest rates by 0.5%. This move triggered a massive rally for Bitcoin, which reached a 3-week peak of over $62,600.

Key Points to Consider

• The rate cut had a positive impact on the cryptocurrency market, with Bitcoin and several altcoins experiencing significant gains.
• The altcoin sector has been particularly volatile in recent days, with many coins charting double-digit gains.
• The total crypto market cap continues to grow, driven by the increasing value of cryptocurrencies.

Summary

The US Federal Reserve's rate cut had a significant impact on the cryptocurrency market, leading to a massive rally for Bitcoin and several altcoins. Despite some losses since then, Bitcoin remains close to $62,000, while its dominance over the alts stands tall at 54.7%. The total crypto market cap has added about $100 billion daily, reaching $2.240 trillion.

Tether Blasts Circle for Not Doing Enough to Stop On-Chain Crime

In recent news, Tether – the world's largest stablecoin issuer – has accused its rival Circle of not doing enough to stop on-chain crime. Tether claims that while it freezes wallets related to fraud schemes in collaboration with law enforcement or whenever necessary, Circle only freezes wallets in response to direct legal orders.

Tether’s Proactive Approach

Tether has labeled itself as an industry leader in supporting law enforcement agencies across the globe. The platform claims to have frozen around 1,850 wallets involved in illicit activities and recovered over $113.8 million in assets.

Key Takeaways

• Tether has criticized Circle for not doing enough to stop on-chain crime.
• Tether claims to freeze wallets related to fraud schemes in collaboration with law enforcement or whenever necessary.
• If Circle had frozen the same wallets as they did on the Ethereum blockchain, it would have prevented $219 million of USDC from being sent from fraud-linked wallets.

Upbit Listing Triggered Bullish Momentum for MEW

In recent news, the Solana-based meme coin, cat in a dogs world (MEW), experienced a significant price surge following its listing on South Korean crypto exchange Upbit. According to the announcement, MEW will be traded in Bitcoin and Tether markets, with only the Solana network supported for transactions.

Key Statistics

• MEW’s daily trading volume reached $2.5 billion.
• The meme coin rose by 26% in the past 24 hours, trading at $0.0054.
• MEW is currently the fourth-largest meme coin on Solana with a market cap of $480 million.

Market Impact

• MEW’s Relative Strength Index (RSI) reached 85, indicating an overbought zone.
• The asset’s 24-hour trading volume increased by 230%, reaching $144 million.

Chromia Launches $20M Data and AI Ecosystem Fund

In recent news, Chromia – a layer-1 relational blockchain network – has launched a $20 million Data and AI ecosystem fund to expand access to data-intensive projects. The fund will be led by Yeou Jie, Chromia’s Head of Business Development, who aims to support data-intensive projects and AI-enabled applications.

Key Points

• Chromia plans to use the fund to support data-intensive projects and AI-enabled applications.
• The fund will play a key role in expanding access to data-centric fields and spur ecosystem growth.
• Yeou Jie, Chromia’s Head of Business Development, has been appointed to lead the initiative.

Louisiana Accepts Bitcoin Payments for State Services

In recent news, the state of Louisiana has begun accepting Bitcoin and USDC stablecoin payments for state services. This initiative is a result of a partnership between the state and Bead Pay, which converts cryptocurrency payments to US Dollars to mitigate volatility risks.

Key Points

• Louisiana’s Adoption of Crypto Payments:
• The state has started accepting Bitcoin and USDC stablecoin payments for state services, making it the first time in history that Louisiana has become open to accepting crypto payments.
• Partnership with Bead Pay:
• The state has partnered with Bead Pay to facilitate these transactions, converting cryptocurrency payments to US Dollars to minimize risks associated with digital currencies.

Memecoins not the ‘right move’ for celebs, but DApps might be — Skale Labs CMO

In a recent interview at Token2049 in Singapore, Andrew Saunders – Chief Marketing and Growth Officer at Skale Labs – expressed his concerns about celebrity-backed memecoins. He views these tokens as a “player-versus-player” situation where early investors reap the most benefits, but ultimately, it’s a high-risk investment.

Key Points

• Celebrity-backed memecoins are seen as high-risk investments with early investors benefiting most.
• Saunders views these tokens as a “player-versus-player” situation where key holders control the supply.
• He believes that DApps offer a more viable option for celebrities to engage with their fans.

Trump Makes History by Using Bitcoin in Public for First Time

In recent news, former US President Donald Trump has made history by becoming the first sitting or former US president to publicly use Bitcoin for a transaction. On Wednesday, Trump visited PubKey – a crypto-themed bar in New York City – and purchased burgers using Bitcoin.

Key Points

• Trump’s involvement in various crypto projects may be seen as part of his broader efforts to gain support from the crypto community and potentially attract votes.
• His recent moves align with his earlier promise to make the US the “crypto capital of the planet.”
• Trump has also publicly backed a newly-launched crypto project, World Liberty Financial, which launched its governance token WLFI.

Conclusion

In conclusion, Trump’s use of Bitcoin in public marks a significant milestone and may have implications for the growth and acceptance of cryptocurrency.