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BNB Is in Massive 27% Rally, and It's Not Stopping: Crypto Market Review, November 4

Fri, 11/04/2022 - 23:50
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Arman Shirinyan
Binance's cryptocurrency is on recovery path after Elon Musk's Twitter takeover
BNB Is in Massive 27% Rally, and It's Not Stopping: Crypto Market Review, November 4
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The end of this week for the cryptocurrency market could be dubbed a "breakout day" as most digital assets have been breaking local resistance levels without looking back at the rough middle of this week.

Binance's connection to Twitter pumps BNB

Since Elon Musk's Twitter takeover, Binance's BNB has been on a steady uptrend despite the problematic nature of the cryptocurrency market. Since Binance's CZ directly participated in the Twitter takeover and provided funds for Musk to close the deal, investors believe that implementation of digital technologies on the platform is just a matter of time.

BNB Chart
Source: TradingView

Some experts assumed that Binance will become some sort of provider between Twitter and the crypto world. With the implementation of the new verification system, which would cost $8 a month, cryptocurrency payments may, in fact, become a payment option. In cases where Binance acts as a provider, the exchange will potentially receive millions in revenue in the first months after possible implementation.

From a technical perspective, BNB has broken all the important technical resistance levels and even August's top at $335. The next resistance for BNB sits at approximately $400 and acts as psychological resistance.

The next technical resistance sits at $423 and correlates with the breakdown point for BNB. On April 5, Binance's cryptocurrency plunged below the $400 threshold, marking the beginning of an accelerated downtrend that put the asset at the level it was trading at before the swift recovery.

XRP is back in business

The series of breakouts did not pass over assets like XRP, even considering their high capitalization on the market. The cryptocurrency gained more than 8% to its value in a matter of hours, breaking out of the local resistance level and entering the top 10 of the most profitable assets on the market.

XRP Makes Surprising 12% Jump, Here's Why

According to on-chain data, whales have been moving the cryptocurrency more actively compared to yesterday. A large transactional volume could be a reflection of the increased whale activity, as whales have been buying XRP for an undisclosed reason in the last few hours.

Ripple's success in court, which has been the main fuel for XRP's run on the market, most likely is not the case today, as no news about it appeared in the cryptocurrency media space.

Cardano joins party

Despite the fact that Cardano usually avoids joining market-wide rallies and moves on its own, ADA's performance today has been similar to what we saw on the aforementioned cryptocurrencies.

In the last 24 hours, ADA broke the 50-day moving average but has not gained a foundation above it, and the descending volume profile shows that it will not because of a lack of support coming from Cardano traders and investors. This would be the second time Cardano had been trying to break the 50-day MA in the last two weeks.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.