Digital coins are rising strongly, and a small coin is moved by the big whales, beware these levels

Digital coins are rising strongly, and a small coin is moved by the big whales, beware these levels

The cryptocurrency markets are generally moving sideways since yesterday. Among the popular digital assets today, BNP continues to move below $320, while the Shiba Inu is moving horizontally in the $0.00015-$16 range after a quick rally over the weekend. On the other hand, after completing the hard fork, Monero (XMR/USD), climbed to the $170 range with a 5% increase in value.

(BNB)

After a partial correction in early August, BNP found support at $280 and regained the positive outlook once again.

BNP, which was overwhelmed by demand in the first half of the month, rose to $330, an increase of nearly 20%. Since last week, BNB buyers have turned sideways, and faced resistance at $330.

The current forecast shows BNP's efforts to establish a floor above the 2022 descending trend line. Now the closest support price for the BNB/USD is at $320, which matches the 8-day moving average, while it can continue to $305 as a second support level. On the other hand, $290 is currently the third support level at the 3-month exponential moving average value.

If BNP can stay above the $305-310 support area this week, it may move towards the next target area of ​​$370-425. At the moment, technical indicators are generating signals from sellers for BNP that BNP may find more buyers if as it closes daily above the $305 support.

As the short and medium term EMA is of interest, it continues to support the bullish momentum from its current position. When the 8 EMA and the 21 EMA crossed the 89-day EMA in August and September of 2021, the value of BNP increased by an average of 50 percent. In the current situation, we are seeing a similar transition at the beginning of August, and if the cryptocurrency repeats the same performance, an increase of up to $425 can be seen.

On the other hand, a dip below $305 might break the bullish floor.

(SHIB)

The Shiba Inu has managed to break the $0.000012 resistance since June, after a daily close above this level last week, however the Chiba market has seen a serious rebound.

Chiba experienced a sharp downtrend along with the cryptocurrency market in the April-June period. After dropping to $0.00007 at the end of this period, the cryptocurrency finally rebounded to $0.00018 after it managed to break out of the $0.000010-$12 range, where it has been moving sideways for a while.

What made this rally significant is that the subsequent correction move was limited. With the value increasing by more than 40 percent in one day, Sheba managed to stay in the perfect correction zone, dropping from its peak to $0.000015 yesterday. Today, the currency found support from today's lows, and SHIB is still above 0.0001518 (Fibonacci 0.382).

If there is a daily close above this support level, SHIB buyers may move above $0.0001750 again. On the current forecast, the next resistance area appears to be the $0.0001980-$0.00023 range.

In the lower zone, the formation of a daily closing candle below $0.000001518 may extend the correction move to $0.00014 first and then to $0.000013.

(XMR)

Monero, which has been on the rise since June, completed an important hard fork with the approval of all nodes this week, and today we see Monero moving higher after an update that provides more advanced privacy features for the cryptocurrency.

Despite maintaining its bullish trend, Monero lost some momentum in August, swinging in the mid $155-$170 range. However, the XMR/USD pair, which rebounded after the news of the update, moved past the critical $170 resistance with the day's rally above 5 percent.

Staying above the critical 0.382 Fibonacci retracement level of the recent downtrend may increase the volume of buyers in the Monero market. This could push XMR up to the next resistance area, which is the $192-$212 range.

On the other hand, on the daily chart, the RSI stochastic is turning upwards above the oversold territory, giving signals to the buyer side. In addition, the short and medium term EMA values ​​are also in perfect position, which gives a bullish signal for Monero.

As for the support levels of Monero, we can say that the levels from 165 - 160 and 155 dollars can create a support area, taking into account the values ​​of the exponential moving average.