- The biggest crypto news was the Binance and Changpeng Zhao settlement.
- Binance will pay over $4 billion while Changpeng paid $50 million.
- Uniswap and other decentralized exchange tokens did well.
The crypto market was relatively calm this week even as it made several headlines. Bitcoin remained above $37,000, where it has been at in the past few weeks. This is a sign that the recent bullish trend is losing momentum. In this article, we will look at some of the top coins like Cardano, BNB, and Uniswap and what to expect during this Thanksgiving weekend.
BNB price prediction
The BNB token was in the spotlight this week after Binance and Changpeng Zhao pleaded guilty to financial crimes in the United States. Binance agreed to pay over $4 billion while CZ paid $50 million and a $175 million fine as he waits for sentencing. This was a big story because of the size of Binance, the biggest crypto company in the world.
The main question among most analysts was whether Binance had these resources to pay. I believe that the company has the ways to pay these funds because of its scale. It is far much bigger than Coinbase, a company that is publicly valued at over $18 billion. This means that it could sell some equity to pay these fines.
The biggest challenge for Binance is that pleading guilty means that it could attract more lawsuits in other countries, especially in Europe. Turning to the daily chart, we see that the BNB crypto price bottomed at $204.2 between September and October.
It then bounced back and reached a high of $273.30 this week before pulling back after the SEC settlement. The view is that CZ and Binance will sell some of their coins to pay the settlement.
The coin is oscillating at the 50-day and 25-day Exponential Moving Averages (EMA) while the Relative Vigor Index (RSI) has drifted downwards.
Therefore, the outlook for BNB token is bullish as investors shrug off the recent settlement. If this happens, the next point to watch will be the key resistance point at $261.
Cardano price forecast
Cardano had a strong performance this week as it continued to attract interest in the futures and spot market. ADA jumped to a high of $0.410, the highest point since April 29th. At its highest point, Cardano was up by over 86% from the lowest point this year.
Cardano remains above the 50-day and 25-day moving averages, a sign that bulls are in control. Further, it has formed a rounded bottom, which is a bullish sign. Most recently, it formed a golden cross pattern, which happens when the 200-day and 50-day moving averages make a crossover.
Cardano has also jumped above the important resistance point at $0.380, the highest level on June 14th. Therefore, the outlook for Cardano is extremely bullish, with the next point to watch being at $0.41. A break above that level will see it rise to the key point at $0.46.
Uniswap price prediction
Uniswap had a strong week as the Binance drama continued. UNI jumped to a high of $6.84 as the volume in its ecosystem rose. At its peak, the token was sitting at its highest point since March 2nd. Like Cardano, it also formed a golden cross pattern, which is a bullish sign.
Uniswap also briefly rose above the key resistance point at $6.68, its highest point since August 1st. The Relative Strength Index (RSI) has moved above the overbought point of 70. Therefore, the outlook for Uniswap price is bullish as long as buyers can move above this week’s high of $6.847. If this happens, the next point to watch will be at $7.60, the highest level in February.
