Bitpanda BEST Bullish Divergence weekly

Bitpanda Ecosystem Token (BEST)

This simple analysis shows bullish breakout potential for Bitpandas Exchange Token (BEST).

+ Weekly RSI and MACD indicators both show a very strong bullish divergence.
+ After hitting the 0.236 the 0.382 Fibonacci retracement, price is building support in an Adam and Eve formation around the green 0.5
+ A breakout out of the falling wedge pattern that built up over nearly 2 years could mark the next major bottom.
+ We can also see strong confluence between 0.5 line (green), 20-Week Simple Moving average (dotted line) and the wedge border. Once broken, it could result into FOMO.
+ As long as Bitcoin can hold major lows, BEST could be up for a bullish continuation and therefore a move to the upside.

BEST is due to so-called token burns, a deflationary designed token of the Bitpanda Broker:

MAX Supply : Initial Mint 1,000,000,000 (April 2020)
TOTAL Supply: Down to 794.756.875 (February 2023)
due to a burn of Burn 205.243.125 (February 2023)

DYOR bitpanda.com/de/bitpanda-ecosystem-token

According to the BEST white paper, the token will always be part of the Bitpanda Ecosystem.

Also check out older analysis!