Binance Struggles at $500; Helium Targets $10: Altcoin Turning Point?

Current Challenges for Top Altcoins: Helium and Binance Coin

Amid the broader market correction, top altcoins such as Helium (HNT) and Binance Coin (BNB) find themselves at crucial crossroads. With increasing supply pressure, Binance Coin is testing a critical $500 support level, while Helium awaits a potential breakout to reach the psychological $10 mark.

Will BNB Price Hold $500?

Recent analysis of Binance Coin (BNB) reveals a challenging market environment:

• Resistance Trendline: BNB is facing a solid resistance trendline, with a declining support trendline forming a falling channel pattern.
• Negative Cycle: The ongoing negative cycle has seen BNB drop below the 200-day Exponential Moving Average (EMA), with a 10.72% decline over the past week and an additional 1.15% intraday slip.
• Current Price: BNB is trading at $509.70, marking a 0.60% intraday drop. This decline follows a period of consolidation around the 200-day EMA.
• Support Levels: The $500 psychological mark is under pressure, with potential further declines to $485 and $464 support levels. Additionally, a death cross between the 50-day and 200-day EMA adds to the bearish outlook.
• Potential Upside: Despite the bearish trends, a minor bullish divergence in the Relative Strength Index (RSI) could indicate some potential for recovery, though support levels remain weak.

Will The HNT Altcoin Price Hit $10?

Helium (HNT) shows promising signs with the following developments:

• Bullish Cycle: HNT is currently in a bullish cycle following a breakout from a channel pattern. The price is consolidating between the 61.80% and 78.60% Fibonacci levels, ranging from $6.22 to $7.68.
• Current Price: HNT is trading at $7.40, reflecting a 2.75% intraday increase and completing a morning star pattern.
• Dynamic Support: The 50-day EMA serves as significant dynamic support for HNT. The altcoin’s bullish outlook suggests potential price targets of $10 and $13.
• Key Support Levels: On the downside, $6.22 and $5.36 are crucial support levels that need to hold to maintain the bullish momentum.