Binance is on a steady climb as it trades above an ascending trend line on the 1-hour chart. Price is making another bounce off support and might be ready to move up to the Fibonacci extension levels as its next upside targets.
Price is bouncing off the 38.2% extension and might dip again to support before sustaining a move to the next levels. The 50% extension is near the 0.0026 level and the 61.8% extension is at the swing high. Stronger bullish momentum could take it up to the 78.6% extension at 0.0027 or the full extension at 0.0028.
The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the downside. This indicates that the selloff is more likely to resume than to reverse. However, the gap is narrowing between the moving averages to indicate that a new crossover might happen.
RSI is also pointing down to indicate that sellers have the upper hand and Binance could see more bearish pressure. Similarly stochastic has room to head lower before hitting oversold levels to reflect bearish exhaustion. With that, a downside break of support might still be a possibility.
Binance has been performing relatively well compared to its altcoin peers that have been sliding for the most part of June. After all, its structure is very much different as the token is tied to an exchange.
This comes after the exchange announced plans to launch EUR trading pairs sometime this year. Last month, Binance also announced that it will be doubling referral rewards, drawing more clients in. Traders also expect fees to drop later in the year, as well as additional support for more cryptocurrencies.
On the flip side, bitcoin has been extra sensitive to market sentiment and industry headlines.