Binance Coin BNB/USD was trading more than 3.75% higher at one point during Thursday’s 24-hour trading session, in tandem with Bitcoin BTC/USD, which temporarily jumped 2% alongside a slight increase on the S&P 500.
Ethereum Classic ETC/USD and Shiba Inu SHIB/USD reacted more bullishly to the upward swing across the markets, trading more than 7% and 13% higher, respectively, on higher-than-average volume. The three cryptos have had multiple days of decreasing volume, which is often followed by an influx in volume to indicate a consolidation period is coming to an end.
The move higher across the board was short-lived and by press time Binance Coin, Ethereum Classic and Shiba Inu were trading back down within Wednesday’s trading range.
Crypto traders and investors may have attempted to front-run a possible bullish reaction to Federal Reserve Chair Jerome Powell’s speech taking place at the Jackson Hole Symposium at 10 a.m. ET on Friday. The real fireworks likely won’t start until the general market begins to react to Powell’s comments.
Powell’s speech is expected to center around soaring inflation, and traders and investors will be listening closely for hints at how the Fed plans to continue attempting to tackle rising costs when it meets in September.
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Binance Coin Chart: Binance Coin may be forming an inverted cup-and-handle pattern on the daily chart, with the inverted cup formed between Aug. 2 and Aug. 19 and the inverted handle printing over the days that have followed. If the pattern is recognized, the measured move is about 17%, which suggests the crypto could fall toward the $228 mark.
- During Thursday’s session, Binance attempted to break up from the handle of the pattern but ran into a group of sellers. On a positive note, the jump higher on Thursday confirmed Binance coin is trading in a new uptrend, with the most recent higher low formed on Aug. 22 at $288.90 and the higher high printed at Thursday’s high-of-day.
- The 50-day simple moving average (SMA) has been trending higher toward the 200-day SMA, which is bullish. The 50-day SMA has been acting as a solid support level and if the indicator continues to guide Binance Coin higher, the crypto may eventually cross above the 200-day, which would flip the crypto into a bull cycle.
- Binance Coin has resistance above at $302 and $334.70 and support below at $274.40 and $250.60.
- If Ethereum Classic continues to hold above the eight-day EMA, the indicator will soon cross above the 21-day EMA, which would be bullish. On July 27, Ethereum Classic crossed above the 200-day SMA and on Aug. 20, the crypto’s 50-day SMA crossed above the 200-day, which caused a golden cross to form on Ethereum Classic’s chart.
- The crypto has resistance above at $38.95 and $41.41 and support below at $35.38 and $32.17.
- On Aug. 14, Shiba Inu attempted to regain the 200-day SMA as support but rejected and wicked from the area. Like Binance Coin, the 50-day SMA is trending higher, which may eventually guide the crypto over the important 200-day SMA, which is a bellwether indicator.
- Over the last three 24-hour trading sessions, Shiba Inu’s daily volume has been steadily increasing, which is a positive sign for the bulls. The increase in volume indicates traders and investors are becoming more interested in the crypto.
- Shiba Inu has resistance above at $0.00001734 and $0.00002012 and support below at $0.00001349 and $0.00001178.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month