- Polygon (MATIC) and Binance Coin (BNB) experience surge in trading volumes.
- BNB’s price aims to overcome resistance level of $252.70.
- MATIC’s price maintains position above 50-day EMA line, potential rise to $0.8141.
Santiment, a prominent blockchain intelligence firm, recently shared on Twitter that Polygon (MATIC) and Binance Coin (BNB) have experienced a substantial surge in trading volumes over the past few weeks. This surge in trading activity within the altcoin market coincided with Bitcoin’s (BTC) struggle to surpass the $31K resistance level.
As of the latest update, CoinMarketCap reported that BNB was traded at $249.47, reflecting a 0.89% increase over the past 24 hours. This upward movement in daily performance has contributed to a weekly gain of +2.46% for the altcoin. However, it is worth noting that BNB’s total trading volume has witnessed a significant decline of 45.09% within the same 24-hour period. Consequently, the daily trading volume for this cryptocurrency currently stands at $489,715,281.
From a technical standpoint, BNB aimed to overcome the formidable resistance level of $252.70. If the altcoin surpasses this crucial price point, it could gain the necessary momentum to ascend towards the subsequent significant level of $264.40 within the upcoming week.
On the other hand, if BNB’s price cannot surpass the $252.70 mark, it could decline to the significant support level of $230.10. Investors and traders should closely monitor the 9-day and 20-day EMA lines in the coming days. If these two lines intersect, it would indicate a bullish signal that would negate the bearish outlook, potentially leading to a BNB price rise to $264.40.
In the crypto market, MATIC experienced a slight decline of 0.24% in its price during the previous trading day, resulting in a current value of $0.7412. Despite this decrease, MATIC’s weekly performance remained positive, showing a growth of +5.97%. Similar to BNB, MATIC’s trading volume also witnessed a decrease.
When writing, the cryptocurrency’s daily trading volume reached $315,283,874, reflecting a significant decline of 40.89% compared to the previous day’s trading activity.
Over the past three days, MATIC has successfully surpassed the crucial resistance level at $0.7191, effectively transforming it into a supportive level. The altcoin’s price has surpassed the 50-day EMA line and is currently maintaining its position. Should MATIC maintain a closing price above this technical indicator by the end of today’s trading session, it can reach $0.8141 within the next 48 hours.
However, should MATIC’s daily candle today close below the 50-day EMA line, it may lose the support of the mentioned $0.7191 level. This could result in further selling pressure, potentially driving MATIC’s price down to $0.6486 in the coming days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
