often shows nothing but dull performance on most assets, as institutional investors and derivatives platforms are gradually closing their operations. Unfortunately, this week is no exception to this rule, and here's why.immediately reacted with a solid 11% growth in a matter of hours. Unfortunately, the euphoria did not last as long as the market would desire.
The 200-day moving average, which often acts as a strong barrier for assets, has struck again and caused a deceleration of the Binance token's rally. The cryptocurrency has been consolidating around the level for the last two days.However, a positive outcome is still possible, considering the mostly positive sentiment around BNB and Binance's business in general, in contrast to FTX's crash caused by the lack of proper risk and fund management.
Unfortunately, the current state of the cryptocurrency market is the only factor that keeps BNB from entering a full-blown recovery rally that would make it one of the most profitable assets in the industry.The ascending triangle pattern we mentioned in our previous market reviews has finally played out after XRP successfully broke through the upper border of the formation and swung toward the next resistance level at $0.41.
The next target to acquire would be the $0.43 price level, slightly above the 50-day exponential moving average. The indicator acts like a guideline for assets in a downtrend. Unfortunately for
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