Price Analysis

Binance Coin (BNB) Snaps the Bullish Track; Trades above $28

eToro

Binance Coin has leaped and is now one of the top 10 cryptos of the market, positioned right after Bitcoin Cash, with a trading price of $28, drawing a complete bullish crossover.

Although, Binance CEO may be at rest after building the entire ecosystem and BNB coin has been the hustler even after the major cryptocurrency by market capitalization has been consolidating below $11k for the longest time now.

On the other hand, BNB/USD has gained over 31% in the last ten days, from trading around $21 to nearing to breach the immediate and notable resistance at $30. The ecosystem has undoubtedly proved its worth, and the coin is majorly preferred for long-term investment to eliminate the proportion of risk from the portfolio.

Binance Coin Price Analysis

Binance Coin News
BNB/USDT Chart By TradingView

Binance Coin’s past 30-day price movement against the US Dollar has been quite volatile, with the lowest supports tested around $17.9, at the onset of the previous month. However, after testing the monthly supports, the BNB coin hit the 30-day high at $33.52 but failed to keep up with the height and corrected around $20 at $22.

However, Binance Coin has been drawing an uptrend against the greenback over the past ten days and already hitting the upper band with support from 50-day & 200-day MA on a 2-hourly chart.

Moreover, the BNB coin has strengthened with a complete bullish sentiment in the intraday and draws a notable uptrend extended over the past ten days. The coin has opened the fresh and the last quarter of the year with a bullish sentiment after the volatile months. In this regard, the price trend has been already breaching the upper band with an immediate resistance at $30.

Binance Coin News Today

Moreover, taking an overview of the YTD movement, Binance Coin is strictly appearing bullish with a fresh YTD high marked at $33.9, at the onset of the previous month. On the daily chart, the coin retains support from the MA50 & MA200 at $24.5 & $18.5, respectively.

The MACD draws a confirm bullish divergence due to the positive crossover over the past ten days now. Similarly, the RSI has been marked at 60.73 with a complete inclination towards the overbought region due to the BNB price gain.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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