Bitcoin and ETH Hold Strong, Why BNB Could Rally To $500

Key Insights:

  • Bitcoin broke the $44,500 resistance zone.
  • Ether is gaining pace above the $3,150 resistance zone.
  • BNB broke a major hurdle and might rally to $500.

Bitcoin

After a steady upward move, bitcoin price was able to settle above the $44,000 level. There was a clear move above the $44,200 resistance zone and the 21 simple moving average (H1).

The price even moved above the $44,500 level and is about to test the $45,000 resistance zone. A move above $45,000 could resend the price towards the $46,200 resistance. If not, it could start a fresh downside correction below $44,500.

Bitcoin

The next major support is near the $44,000 level and a key bullish trend line on the hourly chart. A downside break below the trend line might call for a move towards the $43,500 level.

Ethereum (ETH)

ETH also gained pace after there was a close above the $3,000 level. The price gained pace above the $3,090 resistance zone and the 21 simple moving average (H1).

The bulls even pumped the price above $3,150 and the price is now approaching the $3,200 resistance. There is also a connecting resistance trend line at $3,190 on the hourly chart. A clear move above the trend line and $3,200 could send the price further higher.

Ethereum (ETH)

On the downside, there is a strong support forming near $3,150. Any more losses may perhaps call for a test of the $3,090 support zone.

BNB

BNB formed a support base above the $340 level. The price started a steady recovery wave above the $350 resistance.

There was a clear move above the 50% Fib retracement level of the key decline from the $450 swing high to $324 low. There was also a break above a crucial bearish trend line at $403 on the daily chart.

BNB price settled above $400 and the 21-day simple moving average. It is now trading near the 76.4% Fib retracement level of the key decline from the $450 swing high to $324 low. The current price action suggests that the price could rise further above $450.

BNB

The next major resistance for the bulls could be $500. It is near the 1.236 Fib extension level of the key decline from the $450 swing high to $324 low.

If there is no upside break, the price could start a downside correction below the $420 level. The next major support is near $400.

ADA and DOT price

Cardano (ADA) rallied towards the $1.20 level before it faced sellers. The price is now consolidating below the $1.15 pivot level.

Polkadot (DOT) is up 3% and is moving higher towards the $21.20 level. The next key resistance is near the $21.50 level, above which the price could test $22.00.

A few trending coins are CRO, ETC, and RUNE. Out of these RUNE surged 15% and might continue to rise towards $10.

THORChain (RUNE) Rallies Ahead of Chaosnet Hard Fork

Key Insights:

  • THORChain has announced the release of Chaosnet hard fork and Cosmos v0.45.
  • RUNE’s price has appreciated by over 120% since the beginning of March.
  • Crypto.com announced support for THORChain’s network upgrade.

Over the last week, quite a few altcoins unexpectedly reaped advantages of the bitcoin’s uptrend and brief retesting of the $42,000 mark. On the other hand, some altcoins such as THORChain’s RUNE rallied based on ecosystem-centric updates and related social media attention.

Upgrades and Integrations Paving Way for Gains

THORChain is prepared for the upcoming release of the Chaosnet hard fork and Cosmos v0.45 upgrade. According to information revealed by the network, the hard fork is scheduled for 19:00 UTC on 21 March 2022.

Keeping the upgrade and hard fork in mind, Crypto.com has announced support for THORChain. Additionally, Crypto.com declared a temporary suspension of RUNE withdrawals in the Crypto.com app and exchange starting from 21 March 2022, 18:00 UTC.

Notably, the decentralized liquidity protocol’s token RUNE witnessed a surge in price and trade volume after the much-anticipated mainnet launch and integration with Terra in early March.

As highlighted by a Twitter user, Chaosnet is just the name for the beta version of Thorchain. The network is still in the beta version, but it is expected to move towards the mainnet in a few months.

Additionally, the network currently operates under a manually set liquidity cap. However, that could be lifted from next week onwards.

RUNE Rallies

THORChain is a cross-chain decentralized exchange built on Cosmos. The platform aims to provide cross-network liquidity by supporting the decentralized trading of crypto across blockchains.

RUNE’s price surged by over 120% since March-beginning. The coin’s trajectory showed a bullish recovery from the February losses.

FXempire, RUNE, Crypto, THORChain
RUNE Price Action | Source: FXEmpire

RUNE traded as low as $3.015 on 24 February but recovered soon after a series of encouraging technical developments in its ecosystem. Furthermore, THORChain nodes, over time, have witnessed a healthy growth indicative of the ecosystem maturing.

FXempire, THORChain, Crypto, RUNE
Source: Victor Kirilov Twitter

THORChain has gained traction due to its several notable features for the decentralized systems to compete with centralized exchanges.

At press time, RUNE traded at $3.28, noting 1.43% daily and 11.53% weekly gains.

THORChain (RUNE) Breaks Out on Platform News Updates

Key Insights:

  • THORChain (RUNE) continues an impressive run since a late February low of $3.01.
  • Among the best performers of the top 100, new platform feature launches drive investor interest.
  • Technical indicators are flashing green, with bullish chatter providing momentum.

THORChain (RUNE) is a cross-chain decentralized exchange built on Cosmos. The platform aims to provide cross-network liquidity by supporting the decentralized trading of crypto across blockchains.

Essentially, THORChain removes the need for intermediaries to support the trading of non-native cryptos. It means that traders can swap tokens across different networks.

THORChain March Breakout Impresses

For the current month, RUNE is up an impressive 92.3%. Recovering from a February low of $3.01, platform news updates have driven RUNE to a Tuesday and current year high of $8.00.

Following a 14.3% jump on Monday, RUNE rose by 5.91% on Tuesday, to end the day at $7.71.

Last week, THORChain released its Synthetic Asset trading feature. Synthetic Assets allows traders to trade tokens backed by target crypto and RUNE in a 50:50 split. The key to the new feature is no reliance on wrapped assets.

There was also news of THORChain planning the launch of Thorfinance (Thorfi). Thorfi supports borrowing and lending. There was also the talk of a stablecoin THOR.USD, which would follow a similar model to TerraUSD and LUNA.

With LUNA and TerraUSD getting plenty of investor interest, the market is betting on a similar breakout for RUNE, providing momentum.

RUNE Price Action

At the time of writing, RUNE was down by 4.01% to $7.40.

RUNEUSD 160321 Daily

Technical Indicators

RUNE will need to move through the day’s $7.63 pivot to make a run on the First Major Resistance Level at $8.08. RUNE would need the broader crypto market to support a return to $8.00 levels.

An extended rally would test the Second Major Resistance Level at $8.44 and resistance at $9.00. The Third Major Resistance Level sits at $9.25.

Failure to move through the pivot would bring the First Major Support Level at $7.27 into play. Barring an extended sell-off, RUNE should steer clear of sub-$7.00. The Second Major Support Level sits at $6.82.

RUNEUSD 160321 Hourly

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. RUNE holds above the 50-day EMA at $6.28.

This morning, the 50-day EMA has pulled away from the 100-day EMA, delivering strong support. The 100-day EMA pulled away from the 200-day EMA, bringing $9 levels into play.

Avoiding the 50-day EMA would support a move through the current year high of $8.00 to target $10.00.

RUNEUSD 160321 4-Hourly