Polkadot and Binance coin were following the crypto market higher from August until November, but the bearish reversal in the market in the past two months has weighed on these two cryptos, especially on Binance, which lost more than half its value at some point. But the decline has stopped now, and they are showing signs of wanting to turn bullish again, so let’s see what the daily charts for BNB and DOT look like.
Polkadot Daily Chart Analysis – Buyers to Push Above MAs Soon?
Polkadot has started launching the parachains, which should give Blockchain interoperability a boost. The first five parachains to go live are Acala, Moonbeam, Parallel Finance, Astar and Clover, which offer applications across DeFi (decentralized finance), investments and loans.
Parachains solve the problem for blockchains, which need to be able to provide a variety of services and interconnect. The release of parachains came in November, when the market sentiment was quite bearish once again, and Polkadot has been bearish in the last two months. DOT/USD fell from a high of $55 to $24, although we have seen attempts to reverse the trend in the last month. Now, the 200 daily SMA (purple) has turned into resistance for Polkadot, although buyers are pushing hard, so there will be a break soon. This retreat is not a bad time to buy DOT coins, since the uptrend will resume soon, once the sentiment improves in the market.
Binance Daily Chart Analysis – Will Support at $500 Hold for BNB Coin?
BNB coin still trading in the bullish zone
Binance coin (BNB) has seen the demand grow at a steady pace, despite the crackdown on this crypto exchange, which is part of the bigger crackdown on cryptocurrencies globally. Binance has been banned from various countries and fines have been imposed in others, but it continues to operate globally as a crypto exchange, and the demand for the BNB coin remains decent.
After the increase to $670 by early November, Binance has been retreating lower as a result of the continued bearish sentiment in the crypto market. But, the $500 level, which acted as resistance before, has turned into support, which has been holding for nearly two months. WOO Network, which has raised more than $40 million in recent months, added significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading, both on and off-chain.
BSC is collaborating with this network, and after the WOOFi Swap launch, it should provide liquidity to the Binance Smart Chain. So, BNB is holding its gains at around $500 now, and the uptrend will probably resume soon, so this might be a good place to look for longs in Binance coin.