Why traders should anticipate an extraordinary price breakout from Binance Coin (BNB) and Monero (XMR)

2019-7-9 20:14

The major Altcoin season is still very much anticipated as coins and tokens cross over to the second half of the year, the first month already has some altcoins hitting significant milestones as the year 2020 is awaited.

As traders continue to pump in cash, it is important to highlight what cryptocurrencies have had some of the best runnings and is positioned to go bullish. Out of the many altcoins which have made their mark in the cryptocurrency market this year, the Binance Coin (BNB) and  Monero (XMR) makes up the list of the few coins to have outperformed while currently heading for yet another significant breakout in price.

Binance Coin (BNB)

The Biance coin has a unique backing not just from interested investors and traders, but from one of the world’s largest exchange Binance and this has greatly impacted the rate of adaptation which is significantly higher than it was last year.

Via TradingView

Following that, BNB has attained an impressive number of gains through trading volume which has now landed the coin above the $30 mark.

With more than 50% increase in gains, BNB’s ability to have moved steadily from the 13th spot to its current position over the space of 6 months is a major reason as to why it is considered one of the most flexible coins for trading. With the 20 week EMA taking a dive, pairs of BNB/USD is opening up the possibility of a $40 price breakout in coming weeks.

Monero (XMR)

The 13th most valued cryptocurrency by market cap which is coincidentally sitting on BNB’s former spot has had a very interesting running this year. Monero (XMR) had initially began the year with a struggling price of $46 and a volume of $10.17 million.

Via TradingView

Over the course of 6 months, the market cap hit the $1 billion mark and the trading price is totaling at more than double its previous price. The trading increase is also reflected in volume amassed by this cryptocurrency overtime, which has quickly led to an upswing that has now placed it at a price of $104 following its recent dip.

As stability continues in a mostly consistent pattern, XMR’s moving averages are headed for a bullish collision which could lead to it trading between $91 and $150 in coming weeks.

The post Why traders should anticipate an extraordinary price breakout from Binance Coin (BNB) and Monero (XMR) appeared first on ZyCrypto.

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