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A breakout at the $34 resistance could increase the price to the $39 level

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Ranging movement in Solana market

Solana Price Insights – October 09

In the event of a breakout of the $34 resistance level, the price could move up to the $38 resistance level which could rise to $39. On the other hand, when the $31 level does not hold, Solana It may drop to the support levels at $31, $28 and $25. Meanwhile, the 14 period RSI is at 49 levels showing no definite trend.

SOL / USD . market

Main levels:

Resistance Levels: $34, $38, $39

Support Levels: $31, $28, $25

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SOL/USD Long-Term Trend: Term

Solana is moving in a range on the daily chart. Since September 18, when the price fell to the $31 support level. Solana is trading in the $34 and $31 range. The attempts by the sellers to break above the $31 level were halted by the buyers and then the price was pushed to the $34 level. Similarly, when the buyers pushed the price higher to break the $34 level, the sellers stalled it, so the range movement continues in Solana market,

Buyers and sellers have been struggling with each other as the price is trading during the 9 periods EMA and 21 periods EMA. In the event of a breakout of the $34 resistance level, the price could move up to the $38 resistance level which could rise to $39. On the other hand, when the $31 level does not hold, the price may drop to the support levels at $31, $28 and $25. Meanwhile, the 14 period RSI is at 49 levels showing no definite trend.

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SOL/USD Medium Term Trend: Range

On the 4-hour chart, Solana’s performance is mixed. Currency trading is neither bullish nor bearish. The sellers’ momentum appears to equal the buyers’ momentum and this is leading to a range movement within the $34 resistance and $31 support level. The penetration is notable.

However, the RSI 14 period is at 48 levels and the signal line is pointing up to indicate a buy signal.

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Blockchain

Binance US cancels trading fees on Ethereum

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Binance US announced that it has extended its “no-fee pricing model” to Ether (ETH) is effective immediately.

According to the announcement, users can now freely trade Four Ether spot market pairs: ETH/USD, ETH/USDT, ETH/USDC and ETH/BUSD.

Effective immediately, the American exchange has also eliminated gas fees on all Ethereum transactions made through the “buy and sell” feature on their website.

in June, Binance US followed suit Robinhood, which pioneered commission-free cryptocurrency trading in 2018, is powered by remove all bitcoin (BTC) Spot market trading fees for BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.

Binance US operates as an independent entity in the United States but still bears the same name and logo as global cryptocurrency exchange Binance. As the name suggests, the US-based Binance exchange primarily caters to US cryptocurrency traders.

According to Binance US President and CEO Brian Schroder, the removal of fees on both BTC and ETH cements the company’s position as “the low-fee leader in crypto.” He added that “now, more than ever, it is critical that platforms work with users’ interests first”.

Related: Why the fight for low or no transaction fees is really important

Exchanges play an important role in cryptocurrency adoption. Facilitating fee-free transfers encourages users to engage more with digital assets. If it were costly to send money from one point to another, millions of potential users would avoid or limit their use of the technology.

Exchanges that avoid charging fees can still earn from fee-free transactions through spreads. In trading, spread is known as the difference between the bid (sell) price and the ask (buy) price of a trading pair.