Binance Battles $500 Support as Helium Eyes $10: A Turning Point for Altcoins?

The post Binance Battles $500 Support as Helium Eyes $10: A Turning Point for Altcoins? appeared first on Coinpedia Fintech News

Amid the broader correction, the top altcoins like Helium and Binance are at crucial crossroads. As the supply pressure grows, Binance stands at a crucial $500 support, and Helium awaits a breakout run to achieve the $10 psychological mark. 

Will an underlying surge in demand fuel a bull run in these top altcoins? 

Will BNB Price Hold $500?

The BNB price analysis shows a solid resistance trendline at play, with a declining support trendline completing a falling channel pattern. Further, the ongoing negative cycle in the BNB price breaks under the 200-day EMA. 

The downfall accounts for a 10.72% drop last week, followed by a 1.15% slip intraday drop, continuing the bearish trend. This undermines the 14% jump in mid-August. 

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Currently, the altcoin price trades at $509.7 with an intraday drop of 0.60%, restarting the downfall after a few days of consolidation at the 200-day EMA. 

Further, the downfall puts the $500 psychological mark at risk, putting pressure on the $485 and $464 support levels. Additionally, the bearish influence warns of a death cross between the 50-day and 200-day EMA. 

On the positive side, a minor bullish divergence could be witnessed in the RSI line. However, the lack of eminent support increases the strength of the selling side. 

Will The HNT Altcoin Price Hit $10?

The HNT price action reveals a bullish cycle in motion following the channel pattern breakout. Based on the Fibonacci levels, the ongoing uptrend continues the consolidation between the 61.80% and 78.60% Fibonacci levels at $6.22 and $7.68, respectively. 

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Currently, the HNT price trades at $7.406 with an intraday jump of 2.75%, completing a morning star pattern. 

Further, the inclination in the 50-day EMA acts as the eminent dynamic support. With increased chances of a bullish breakout, the altcoin price puts $10 and $13 on the bullish radar. On the flip side, the $6.22 and $5.36 are crucial support levels.

Also, read our Binance Price Prediction 2024-2030 for an overview of long-term targets.