As a seasoned researcher with years of experience navigating the cryptocurrency market, I find myself intrigued by the current price action of Binance Coin ($BNB), Fantom ($FTM) and THORChain ($RUNE).
If Bitcoin ($BTC) experiences its next surge in value, certain altcoins with strong underlying fundamentals could exceed these gains. Binance Coin ($BNB), Fantom ($FTM), and THORChain ($RUNE) are among the contenders that might perform exceptionally well under such circumstances. However, whether now is an ideal time to invest depends on your personal risk tolerance, financial situation, and investment strategy. Always do thorough research before making any investment decisions.
Bullish price action for $BNB
As an analyst, I find the recent BNB price action remarkably bullish. We’ve witnessed a consistent pattern of higher highs and higher lows, propelling the price from $472 to its current level at $572. The price has just rebounded from the 0.382 Fibonacci retracement level, suggesting that the upward trend might be nearing an end point due to the forming triangle. If this triangle pattern breaks out, a potential breakout could occur soon.
$BNB breakout imminent
By examining the daily chart for BNB (BNB/USD), it’s clear to see the downward slope of the trendline. Despite the recent false rally in the BNB price, which couldn’t sustain above the trendline, the next attempt could be crucial. If this effort is successful, the price will have to surpass $618 to create a new higher high, which could potentially reverse the current downtrend.
$FTM up 157%
Since hitting a low in early August this year, FTM (FTM/USD) has experienced substantial growth. The current price increase stands at approximately 157% from that bottom point. With the price now resting above the 0.382 Fibonacci level, it may be aiming for its next potential goal of $0.85, which corresponds to the 0.618 Fibonacci mark. Potential future targets include $1.02 and the last local peak at $1.22. A potential buying opportunity could arise if the price dips back towards $0.65 or even as low as $0.63.
$RUNE at crucial support/resistance
Rune (Rune/USD) has surged 92% since its lowest point. The current price appears to be attempting to stabilize above $4.95, potentially transforming this significant horizontal line into a support level. If it rebounds from here and creates a new high, the Rune price could push towards the next substantial resistance at $7.30.
If the price drops, purchasing around its current level or when it approaches $4.23 (which is the 0.618 Fibonacci retracement level) might turn out to be profitable.
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2024-10-08 14:12