Crypto Market Review, November 4

The end of this week for the cryptocurrency market can be called a “breakout day” as most digital assets have broken local resistance levels without looking back at the rough middle of this week.

Binance’s connection to Twitter pumps BNB

Since Elon Musk’s Twitter takeover, Binance’s BNB has been on a steady rise despite the troubled nature of the cryptocurrency market. Since Binance’s CZ directly participated in the Twitter takeover and provided funds to Musk to close the deal, investors believe that the implementation of digital technologies on the platform is only a matter of time.

Some experts assumed that Binance will become a kind of provider between Twitter and the crypto world. With the implementation of the new verification system, which will cost $8 a month, cryptocurrency payments can actually become a payment option. In cases where Binance acts as a provider, the exchange will potentially receive millions of revenues in the first months after possible implementation.

From a technical perspective, BNB has broken all the important technical resistance levels and even the August peak of $335. The next resistance for BNB is at about $400 and acts as psychological resistance.

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The next technical resistance is $423 and correlates with the breakout point for BNB. On April 5, Binance’s cryptocurrency plunged below the $400 threshold, marking the beginning of an accelerated downtrend that put the asset at the level it was trading at before the rapid recovery.

XRP is back in business

The streak of breakouts didn’t overwhelm assets like XRP, even considering their high market capitalization. The cryptocurrency gained more than 8% in its value in a few hours, broke out of the local resistance level and entered the top 10 of the most profitable assets on the market.

According to data from the chain, whales have moved the cryptocurrency more actively compared to yesterday. A large transaction volume may be a reflection of the increased whale activity, as whales have been buying XRP for an undisclosed reason in recent hours.

Ripple’s success in court, which has been the main fuel for XRP’s run in the market, is most likely not the case today, as no news about it appeared in the cryptocurrency media.

Cardano joins the party

Despite the fact that Cardano usually avoids participating in market-wide rallies and moves on its own, ADA’s performance today has been similar to what we saw in the aforementioned cryptocurrencies.

In the last 24 hours, ADA broke the 50-day moving average, but has not gained a foundation above it, and the declining volume profile shows that it will not due to a lack of support from Cardano traders and investors. This would be the second time Cardano had tried to break the 50-day MA in the past two weeks.