Binance is trading inside a descending channel as it formed lower highs and lower lows on this time frame. Price is currently testing the resistance and could fall back to the bottom soon.
However, the 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that the resistance is more likely to hold than to break. For now, though, the 100 SMA is holding as dynamic resistance at the top of the channel.
RSI is on the move up to signal that bulls still have some energy to push for more gains, possibly a break past the resistance at 0.00215 to start a reversal. Stochastic is also moving north so Binance might follow suit, but the oscillator is also dipping into overbought territory.
Binance is able to take advantage of the drop in bitcoin lately as cryptocurrencies have been dragged down by news of a hack on a South Korean exchange. Coinrail tweeted over the weekend that only lesser-known altcoins like Pundi X have been affected by investors are more wary of security issues in the industry.
Also the ongoing probe into cryptocurrency price manipulation is also keeping traders on edge. Results indicating that bitcoin prices were manipulated would further hurt trust in the industry and likely lead to more liquidation in top altcoins.
Keep in mind that Binance is a native token of one of the biggest and more secure exchanges in the market, so it could hold on to gains and go for more regardless of how altcoins perform overall. Apart from that, Binance recently announced its partnership with Chillz as part of its venture to expand in the entertainment and gambling industry.
ChiliZ is one of the branches of Mediarex, which is a huge entertainment and sports company based in Malta.