Binance coin (BNB) reached a market capitalization of $100 billion on May 3. Therefore, we will take a look at three coins that are part of Binance Smart Chain (BSC), in order to see if there is potential for similar increases.
PancakeSwap (CAKE) has been decreasing since it was rejected by the $44.2 resistance area on April 30.
BakeryToken (BAKE) reached a new all-time high price on May 2.
Cocos-BCX (COCOS) has been following a descending resistance line since reaching an all-time high price on March 11.
BNB all-time high
BNB was trading in a symmetrical triangle since reaching a then all-time high price of $638 on April 12. On April 29, it broke out and has been moving upwards since.
CAKE has been increasing since April 18, when it bounced on the $20.50 support area. On April 30, it reached an all-time high price of $44.18, before decreasing.
The high was made at a confluence of resistance levels, created by a long-term (white) and short-term (black) external Fib retracement. Since then, it has been moving downwards.
BAKE has been increasing parabolically since April 25. On May 2, it managed to reach a new all-time high price of $8.49. This amounted to an increase of 772% in only seven days.
However, BAKE has been moving downwards since then.
Nevertheless, the wave count suggests that this is only wave four (black) of a five wave bullish impulse. Therefore, after the current decrease, another upward movement would be likely. A potential target for the top of the upward movement is found at $10.95.
COCOS has been following a descending resistance line since reaching an all-time high price of $1.87 on March 11. So far, it has made four unsuccessful attempts at breaking out, the most recent on April 29.
However, technical indicators are bullish, supporting the possibility that COCOS is successful in breaking out. In addition, the move of the April 23 lows looks impulsive (highlighted in green).
Therefore, COCOS is expected to be successful in breaking out, and move towards the $1.70 resistance area.
Source : Finance.yahoo.com