Polkadot and Binance Coin followed the crypto market higher from August to November, but the bearish reversal of the market over the past two months has weighed on these two cryptos, particularly Binance, which at one point lost more than half of its value. But the decline has now stopped and they are showing signs of wanting to get bullish again. So let’s see what the daily charts for BNB and DOT look like.
Polkadot Daily Chart Analysis – Will Buyers Go To Top MAs?
Polkadot has started rolling out parachains, which are designed to give blockchain interoperability a boost. The first five Parachains to go live are Acala, Moonbeam, Parallel Finance, Astar and Clover, which offer applications for DeFi (decentralized finance), investments and lending.
Parachains solve the problem for blockchains that need to be able to provide a variety of services and connect. Parachains released in November when market sentiment was quite bearish again and polkadot had been bearish for the past two months. DOT / USD fell from a high of $ 55 to $ 24, despite seeing attempts to reverse the trend over the past month. Now the 200-day SMA (purple) has turned into resistance for polkadot, despite buyers pushing hard so there will be a pause soon. This retreat is not a bad time to buy DOT coins as the uptrend will soon resume once the mood in the market improves.
Binance Daily Chart Analysis – Will Support Maintained At $ 500 For BNB Coin?
BNB-Coin is still trading in the upward zone
The demand for Binance Coin (BNB) has steadily increased despite the crackdown on this crypto exchange, which is part of the larger crackdown on cryptocurrencies worldwide. Binance has been banned in various countries and fines have been imposed in others, but it continues to function as a crypto exchange worldwide and the demand for the BNB coin remains decent.
After rising to $ 670 by early November, Binance has pulled down due to the ongoing bear market in the crypto market. But the $ 500 level that previously acted as resistance has turned into support that has held for nearly two months. WOO Network, which has raised more than $ 40 million in the past few months, has added significant value to the crypto ecosystem by providing deep liquidity and fee-free trading both in and out of the chain.
BSC works with this network and is supposed to supply the Binance Smart Chain with liquidity after the start of the WOOFi Swap. The BNB is now holding its profits at around $ 500 and the uptrend is likely to resume soon, so this could be a good place to look for longs in Binance coins.
BNB / USD