What to watch on Binance Coin, Ethereum Classic, Shiba Inu as the Jackson Hole Symposium approaches

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Binance Coin BNB/USD was trading over 3.75% at one point during Thursday’s 24-hour trading session, in tandem with Bitcoin BTC/USDwhich temporarily jumped 2% alongside a slight rise on the S&P500.

Classic Ethereum ETC/USD and shiba inus SHIB/USD reacted more bullishly to rising markets, trading more than 7% and 13% higher, respectively, on above-average volume. All three coins have seen several days of waning volume, which is often followed by an influx of volume to indicate that a period of consolidation is coming to an end.

The upside move across the board was short-lived and at press time, Binance Coin, Ethereum Classic, and Shiba Inu were trading back within Wednesday’s trading range.

Crypto traders and investors may have been tempted to anticipate a possible bullish reaction to Federal Reserve Chairman Jerome Powell’s speech, which took place at the Jackson Hole Symposium at 10 a.m. ET on Friday. The real fireworks probably won’t begin until the broader market begins to react to Powell’s comments.

Powell’s speech is expected to focus on skyrocketing inflation, and traders and investors will be listening intently for clues about how the Fed plans to keep trying to fight rising costs at its meeting in september.

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The Binance Coin Chart: Binance Coin may form an inverted cup and handle pattern on the daily chart, with the inverted cup formed between August 2 and 19 and the inverted handle imprinting over the days that followed. If the pattern is recognized, the measured move is around 17%, suggesting that the crypto could fall towards the $228 mark.

  • During Thursday’s session, Binance tried to break away from the pattern’s grip but ran into a bunch of sellers. On a positive note, Thursday’s jump up confirmed that Binance coin is trading in a new uptrend, with the most recent low on August 22 at $288.90 and the high printed at the high. of Thursday.
  • The 50-day simple moving average (SMA) has been trending up towards the 200-day SMA, which is bullish. The 50-day SMA acted as a strong support level and if the indicator continues to guide Binance Coin higher, the crypto could eventually break above 200 days, which would turn the crypto into a bull cycle.
  • Binance Coin has resistance above $302 and $334.70 and support below at $274.40 and $250.60.

The Ethereum Classic chart: Ethereum Classic negated a possible bearish flag setup during Wednesday’s 24-hour trading session when the crypto surged above the eight-day exponential moving average (EMA) on the daily chart. The crypto is now trading in a confirmed uptrend, with the most recent low formed on August 22 at $31.26 and the high printed on Thursday.

  • If Ethereum Classic continues to hold above the 8-day EMA, the indicator will soon cross above the 21-day EMA, which would be bullish. On July 27, Ethereum Classic broke above the 200-day SMA and on August 20, the crypto’s 50-day SMA broke above 200 days, causing a golden cross to form on the Ethereum Classic chart .
  • The crypto has resistance above $38.95 and $41.41 and support below $35.38 and $32.17.

The Shiba Inu charter: Shiba Inu reversed its downtrend during Thursday’s trading session, but has yet to confirm that a new uptrend is underway. For an uptrend to be confirmed, Shiba Inu will need to pull back to form a low above the August 20 low of $0.00001251.

  • On August 14, Shiba Inu attempted to regain the 200-day SMA as support, but was rejected and naughty from the area. Like Binance Coin, the 50-day SMA has an upward trend, which could eventually guide the crypto to the important 200-day SMA, which is an indicator.
  • Over the past three 24-hour trading sessions, Shiba Inu’s daily volume has steadily increased, which is a positive sign for bulls. The increase in volume indicates that traders and investors are increasingly interested in crypto.
  • Shiba Inu has resistance above $0.00001734 and 0.00002012 and support below $0.00001349 and $0.00001178.

See also: If you had invested $100 in Bitcoin, Ethereum Classic, Alphabet, Apple, Microsoft, Amazon and Tesla 5 years ago, here’s how much you would have now

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