Binance Coin BNB/USD was trading more than 3.75% higher at one point during Thursday’s 24-hour trading session, in tandem with Bitcoin BTC/USD, which temporarily jumped 2% alongside a slight increase on the S&P 500.
Ethereum Classic ETC/USD and Shiba Inu SHIB/USD reacted more bullishly to the upward swing across the markets, trading more than 7% and 13% higher, respectively, on higher-than-average volume. The three cryptos have had multiple days of decreasing volume, which is often followed by an influx in volume to indicate a consolidation period is coming to an end.
The move higher across the board was short-lived and by press time Binance Coin, Ethereum Classic and Shiba Inu were trading back down within Wednesday’s trading range.
Crypto traders and investors may have attempted to front-run a possible bullish reaction to Federal Reserve Chair Jerome Powell’s speech taking place at the Jackson Hole Symposium at 10 a.m. ET on Friday. The real fireworks likely won’t start until the general market begins to react to Powell’s comments.
Powell’s speech is expected to center around soaring inflation, and traders and investors will be listening closely for hints at how the Fed plans to continue attempting to tackle rising costs when it meets in September.
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The Binance Coin Chart: Binance Coin may be forming an inverted cup-and-handle pattern on the daily chart, with the inverted cup formed between Aug. 2 and Aug. 19 and the inverted handle printing over the days that have followed. If the pattern is recognized, the measured move is about 17%, which suggests the crypto could fall toward the $228 mark.
The Ethereum Classic Chart: Ethereum Classic negated a possible bear flag pattern during Wednesday’s 24-hour trading session when the crypto climbed up 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 higher low formed on Aug. 22 at $31.26 and the higher high printed on Thursday.
The Shiba Inu Chart: Shiba Inu negated its downtrend during Thursday’s trading session but has yet to confirm a new uptrend is in the works. For an uptrend to confirm, Shiba Inu will need to retrace down to form a higher low above the Aug. 20 low of $0.00001251.
See Also: If You Invested $100 In Bitcoin, Ethereum Classic, Alphabet, Apple, Microsoft, Amazon And Tesla 5 Years Ago, Here's How Much You'd Have Now
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