Crypto Market Round-Up
Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Binance Coin (BNB) is one of the popular digital assets created by one of the major crypto exchange platforms ‘Binance’ in 2017. BNB has a market capitalization of ~USD 81.10 billion (as per TradingView as of July 25, 2024).
Last week, the benchmark S&P Cryptocurrency Broad Digital Market (BDM) Index started on a positive note and maintained a bullish momentum for the entire week. The index advanced by 607.06 points (~15.39%) to 4551.44 for the week ending July 19, 2024. In the current week starting July 22, 2024, the index is trading with negative momentum. Moreover, other major cryptocurrencies, such as Bitcoin and Ethereum, are witnessing bearish momentum for the current week.
Having understood the S&P Cryptocurrency BDM Index movement over the last week and the scenario for the upcoming week, one crypto that seems ‘Bearish’ at the current level appears to be Binance Coin (BNB) Perpetual Futures based on the below technical parameters: -
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