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AltcoinPrice Analysis

Binance Coin (BNB): Price Analysis, Dec. 07

Binance Coin Price Analysis – BNB/USD

BNB/USD

The thirteenth largest cryptocurrency, Binance Coin having its market cap stands at the level of $615,874,890 on December 07, 05:19 UTC has perforated in current value by 55.7% relative to October 15 as analyzed from the graph above. Since that level, it remained in a fluctuated mood, and after mid-November, it started declining till date.

Now, let’s look at the technical picture of the BNB/USD pair as follows:

Since both moving averages that best can be observed from the analytics above have turned down significantly which is a negative sign, and they represent the “downtrend” in value. With this, the falling 20-day EMA represent the fact that the bears have the upper hand. The BNB/USD remains in a bearish trend in its medium-term outlook as the competitive factors, and the strong bearish pressure has successfully dropped in current value by making it the lowest low of the day before exhaustion set in. Since no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines, and those involved in trading activities should wait for the trend to reverse and a bottom to form before initiating any long positions in it. However, those inclined to impart their capital, the current fall offers an excellent opportunity to invest in the long term.

Amid the entire scenario, the BNB/USD pair remained range bound from September 13 to October 14 this year as the cryptocurrency rallied from a low of $9.18 to a high of $12.22, which is a 33.20 percent return within 31 days. Let us not forget that BNB stayed in the range of $9.85–$10.017 for October 16 to November 08, since then the bears broke below it and slashed till date.

However if bulls are attempting to bounce off the current resistance level and start trading above the EMA, the investors’ sentiment will likely to buy more of the currency. Based on the current trend, the next support level can be estimated at $4.75.

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at [email protected] to discuss anything related to his reports.

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