Top 3 Trending Coins: BNB Surges Above $300, CRO Reverses Abruptly Lower From $0.16 Resistance
- BNB is the best top 50 crypto performer, having surged convincingly above $300 on Thursday.
- Bitcoin is trading flat just under $23,000 ahead of key US data though one indicator is pointing to a bottom.
- Cronos is the worst performing top 50 crypto, having reversed sharply lower from key $0.16 resistance.
Binance Coin (BNB) Breaks Convincingly Above $300, Eyes Push Towards $340
BNB, the native token that powers the Binance Smart Chain blockchain, broke convincingly above the $300 per token level on Thursday and was last changing hands just under $305. According to CoinMarketCap, the cryptocurrency was last up around 3.5% in the last 24 hours, making it one of the best performing cryptocurrencies in the top 50 by market capitalization.
BNB has rallied over 7.0% in the past two sessions and has now left its 100-Day Moving Average at $280 in the dust. The cryptocurrency is now about 66% higher versus its mid-June lows under $200 per token. The cryptocurrency maintains excellent bullish momentum and the BNB bulls are likely looking for a near-term test of resistance in the form of late-May highs and its 200DMA in the $340 area in the near future.
Binance CEO Changpeng Zhao Acknowledges New BNB/BTC All-time High
BNB, the token that powers the Binance Smart Chain, hit a new record high against Bitcoin hit a fresh record high above 0.013 BTC on Wednesday and has since surged above 0.01325 BTC. The crypto cross is over 60% up versus its May lows near 0.008 BTC and has now risen over 1150% since its early 2020 lows just above 0.001 BTC.
Binance CEO Changpeng Zhao acknowledged the new all-time high versus Bitcoin in a tweet showing a screenshot of the BNB/BTC cross that he was sent in a chat. Implying that he is not prone to regularly checking the BNB price, he said in the tweet that “This is how I find out. In chats… from a person I have never met in person, no less.”
This is how I find out. In chats… from a person I have never met in person, no less. pic.twitter.com/TmZpgc0tgT
— CZ 🔶 Binance (@cz_binance) August 3, 2022
Bitcoin (BTC) Flatlines Just Under $23K Ahead of US Jobs Data
Bitcoin, the world’s largest cryptocurrency by market cap, was last trading nearly bang on flat on Thursday slightly below the $23,000 level, but still above its 21DMA near $22,600. Though the cryptocurrency posted a sixth successive negative close on Wednesday, it has only pulled back around 7.0% from last week’s highs in the mid-$24,000s.
Meanwhile, Bitcoin continues to trade over 10% higher versus last week’s sub-$21,000 lows. The cryptocurrency still looks to be in a gradual uptrend that has supported the price action since mid-June’s lows under $18,000. Bulls will thus be eyeing a retest of recent highs in the mid-$24,000s at some point. But some technicians have warned that Bitcoin has formed a bearish flag, a break below which could trigger another drop back under $20,000.
Bitcoin Mining Difficulty Ribbon Compresses, Indicating Miner Capitulation and Acting as Buy Signal
The Bitcoin mining difficulty ribbon, which tracks moving averages of short to long-term mining difficulty, has compressed/inverted for the first time in a year. According to crypto data analytics firm Glassnode, this has previously been a signal that a bear market is ending.
Compression of the Bitcoin mining difficulty ribbon indicates that there has been significant miner capitulation, which occurs when miners reduce output and are forced to sell coins in order to fund their operational costs.
According to Markus Thielen, chief investment officer at IDEG Asset Management, “The bitcoin ribbon data set has historically proven to be an optimal entry point indicator and I believe this time it will show its predictive power again”. “We are also entering the 18-month pre-bitcoin-halving period – a time window where bitcoin prices tended to boom out,” he added.
Cronos (CRO) Reverses Sharply Lower From $0.16 Resistance
According to CoinMarketCap, Cronos is the worst performing cryptocurrency of the last 24 hours in the top 50 by market cap, having shed a little over 3.5% in value. CRO was last trading in the low-$0.14s per token, having reversed abruptly lower from a test of the key $0.16 resistance area earlier this week.