BNB, ONE, XDC – November 30 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 3^rd cryptocurrency globally and the current price is US$614.81. Let’s take a look at the chart below for price analysis:

One of the first coins to set its low during the May crash, BNB has since rallied over 215%. The price has rejected strong resistance near $661.70, with $622.70 marking a slightly weaker area of higher-timeframe resistance that could become relevant in the coming weeks.

However, an area of old consolidation near $573.00 has continued to provide support. Each time the price drives into this level, it forms a higher low. This zone could again provide support and has confluence with the 40 EMA.

A steeper retracement – perhaps caused by a bearish continuation in Bitcoin – could drive into an area of possible support between $509.90 and $463.90. This zone is just above the 61.8% retracement level and overlaps with old equal highs.

A more prolonged downtrend could reach possible support between $430.50 to $393.80, near the 78.6% retracement level and multiple old consolidations.

If the price can break through the current resistance, it could continue to an area between $850.00 and $920.00, where extensions suggest bulls might take significant profits.

2. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 60^th cryptocurrency globally and the current price is US$0.2622. Let’s take a look at the chart below for price analysis:

ONE‘s rally, beginning in late June, stretched over 707% as the price explored new territory.

Resistance has formed near $0.3415 and between $0.2871 and $0.3095. With an uncertain market and traders potentially selling the cross-shard transaction news (or an announcement of its delay), these areas could continue to provide resistance and perhaps prompt a steeper move downward.

The March highs, overlapping with the last major leg’s 61.8% and 78.6% retracements (from $0.2167 to $0.1720), could mark an area of support. Inside this zone, $0.2080 to $0.1766 could provide a more sensitive reaction. 

A more extended downtrend might reach possible support between $0.1489 and $0.1214, near the origin of the last significant bullish move.

On the other hand, if altcoins resume their bullish trends, the 27% extension near $0.4500 could be the next area of significant profit-taking by bulls.

3. XDC Network (XDC)

XinFin XDC is an enterprise-ready hybrid blockchain technology company optimised for international trade and finance. The XinFin network is powered by the native coin called XDC. XinFin mainnet token XDC also creates an opportunity to utilise XinFin’s real-world use-cases, such as TradeFinex.org, and helps small and medium businesses or institutions originate their own financial requirements in a digital, fully structured manner so that they can distribute them to the bank or non-bank funders themselves, using a common distribution standard.

XDC Price Analysis

At the time of writing, XDC is ranked the 99^th cryptocurrency globally and the current price is US$0.09428. Let’s take a look at the chart below for price analysis:

XDC‘s volatile whipsaws finally met their match at resistance near $0.16210, an area that is likely to provide stiff resistance again on any retest.

Before the price reaches this level, higher-timeframe charts and multiple highs and lows suggest that $0.12560 could also provide resistance.

Currently, the price is settling on possible support near $0.09037. The 78.6% retracement around $0.08160 is more likely to see interest from the bulls if the market continues trending downward. 

Consolidation here could lead to the uptrend resuming and gain the attention of more bulls if the 8, 16, and 40 EMAs flip bullish.

A longer bearish shift in the overall crypto market could send the price to (or below) possible support near the May and June consolidation, around $0.06301. This area started the most recent bullish trend. Below this level, little exists on higher-timeframe charts to offer support.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia. You can also buy these coins from different exchanges listed on Coinmarketcap.