Daily Archives: August 4, 2022

BNB Bulls Look Set To Break Key Resistance Of $327

BNB Bulls Look Set To Break Key Resistance Of $327

Binance coin (BNB) bulls look set to break key resistance with so much buying pressure that could send BNB price higher.

The price of BNB looks really strong after showing some positive signs in the past few days with a lot of bids created by BNB bulls driving the price of the coin despite the market uncertainty.

BNB Daily Chart Analysis

BNB Daily Chart Analysis After Breakout From A Symmetric Triangle | Source: BNBUSDT On Tradingview.com

The daily chart for BNB shows it is trading at $304.5 despite Bitcoin (BTC) trading at key support after falling from a region of $23,100. The price of BNB looks strong despite the market looking bearish which suggest bulls are holding on to the price of BNB.

BNB is trading above the 50 exponential moving average (EMA) but trading below the 200 exponential moving average (EMA). BNB broke above the 50 EMA on the daily chart with good volume and made a clean retest before showing more bullish signs.

The first major resistance for BNB corresponds with the 200 EMA, successful break and hold above this region could send BNB to a region close to $380.

On the daily chart, the price of BNB formed a bullish trend in a symmetric triangle with a successful breakout which confirms bulls could easily push the price of BNB to break its key resistance if market conditions are favorable.

Major resistance on the daily chart – $327.40.

Major support on the daily chart – $270.

BNB Price Analysis On The 4H Chart

BNB Price Chart Analysis on The 4H | Source: BNBUSDT On Tradingview.com

The price of BNB on the 4H chart shows the price is in an uptrend with swing highs towards the resistance at $327.40. BNB needs to break the key resistance for more upside to be possible but if the trend is not sustained BNB could retest supports at $297.25 and $285.

BNB is trading above the 50 & 200 EMA, indicating an uptrend direction for the period until invalidated or fails to break above the resistance level of the $327.40 mark.

If BNB fails to reclaim or break above the resistance of $327.40, it would likely revisit the 4H support region of $297.25.

Resistance on the 4H chart – $327.40.

Support on the 4H chart – $297.25, $285.

BNB 1H Chart Analysis 

The price of BNB on the one hourly timeframe looks good.

The price of BNB is above 50 & 200 EMA.

The relative strength Index (RSI) is above 60 

The volume shows strong buy bids

Resistance on the 1H chart – $327.40.

Support on the 1H chart – $297.25.

BNB is a strong project with a good use case and would always have bids placed should the price goes lower as the price is backed fundamentally.

On a low and high timeframe, BNB looks really strong and bullish with bulls ready to push the price higher. With a successful break of the key resistance, BNB would have a good rally.

 

Featured image from Watcher Guru, Charts from TradingView.com 



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Tourists flock to El Salvador despite Bitcoin bear market

Tourists flock to El Salvador despite Bitcoin bear market

Tourism in El Salvador has soared in the first half of 2022. Up 82.8% just this year, there were 1.1 million visitors to El Salvador this year, according to government figures. That’s despite the price of Bitcoin (BTC) sinking almost 50% since Jan. 1. 

Data from the World Travel Organization reinforces the claims. The tiny Central American country is internationally recognized as “one of the countries with the best rate of tourism recovery in the region as of January 2022.”

The report by the WTO states that some “Central American destinations have the best results compared to 2019,” including El Salvador at +81% compared with 2019, or pre-pandemic levels.

Contrary to reports from the Wall Street Journal that El Salvador’s bet on Bitcoin to attract tourists “hasn’t worked,” visits for the first half of this year almost outpace total visits in 2019: 1.1 million people visited the country in six months, compared to last year’s total of 1.2 million.

In a radio interview, the general director of Strategic Projects of the Ministry of Tourism of El Salvador, Alex Bonilla, explained that over the summer holiday period, the country can expect “57,500 international visitors, which will generate $60 million in foreign exchange during this vacation.” It is expected that the 1.2 million figure mark will be beaten soon. 

Since El Salvador adopted Bitcoin as legal tender, thousands of Bitcoiners have made the trip. Big-name Bitcoiners such as Jeff Booth, entrepreneur and author of Price of Tomorrow, Obi Nwosu, CEO of Fedimint, the decentralized community custody solution, and Samson Mow, CEO of Jan3, have all taken pilgrimages to El Salvador.

As Tone Vays, a Bitcoin analyst, said of his visit to El Salvador, “99.9% of the world had no clue where this country was; maybe 98% didn’t know this country ever existed–they’re [El Salvador] certainly on the map now.” Bitcoin advocates are keen to bring home exuberant tales of their trip to the land of volcanoes. At the same time, Bitcoin-centric companies are motivated to make El Salvador’s Bitcoin play a success.

Related: Morgan Stanley encourages investors to buy battered El Salvador eurobonds

Max Keiser and Stacey Herbert, Bitcoin OGs, chose to take up residency in El Salvador and now base their podcasting and broadcasting operations on El Salvador. As part of the Bitcoin Bill, residency in El Salvador could effectively be bought for 3 BTC, or $66,000 at the time of writing, as part of an investment into the country.  Escape to El Salvador, a professional community that aids people in moving to El Salvador told Cointelegraph that the 3 BTC for residency strategy merged into the ‘Volcano Bonds offering’. They told Cointelegraph:

“It doesn’t automatically mean you are a resident, you still have to apply, but you can use the holdings as your justification for the applying, like a student can use a letter of acceptance from a university for a ‘student visa’. There’s still a process.”

El Salvador, known as “El Hodlador” in some circles, also hosted a bevy of central bankers in May this year. The influential group of visitors “did not discuss Bitcoin,” according to the Central Bank of Paraguay, whose delegate was a tourist in El Salvador. However, there were numerous photos of the 44 central bankers and economists using the Bitcoin Beach Wallet in El Zonte, the birthplace of BTC adoption in the country.

The capital, San Salvador, hosts the Adopting Bitcoin conference, a Lightning Summit in November this year. Over 80 Bitcoin and Lightning Network experts will take to the stage during the conference, with representatives from Blockstream, Spiral and the El Salvador government.