Binance Coin Holds Its Price Around $12 After Facing Intraday Pullback

  • Binance Coin, at the time of writing was trading at $12.33 after soaring from the weekly bottom of $11.23 yet the candlestick fails to consolidate above 50.0% Fib Retracement Level
  • BNB/USD retains fine support from 200-day MA yet fails to take a notable leap to have a persistent trade above $13, which is making the curve go flat
  • The 20-day Bollinger Bands have a normal movement and does not project any unprecedented volatility in the upcoming days
  • The RSI of the coin has been flat frequently with intermittent temporary leaps and dips

Binance Coin reverses the downtrend at the beginning of the ongoing week until the market experienced moderate volatility to steeply plummet below 50.0% Fib level, after thriving above the same in the previous week.

Binance Coin Price Analysis

Binance Coin News
BNB/USD Chart By TradingView

Analyzing the above intraday chart of BNB/USD, we see that the currency formed consequent higher lows in the previous week with unprecedented volatility at bay. The coin appears intraday bearish due to steep pullback in the price where Binance Coin retraced intraday support at $12.17. Although, the previous week started with a notable price accumulation, BNB coin had marked an amazing intraday leap before the global crisis dug deeper. With growing number of Coronavirus cases, all the investment avenues have faced massive selloffs, while crypto seems to hold a strong support.

At the onset of this week, when Binance Coin was retaliating from the weekly bottom, the price trend of the coin breached above the upper 20-day Bollinger Band, which has now dipped around lower band.

Technical Indicators

The MACD indicator reflects a bearish divergence due to intraday steep correction and the signal line has traced above the MACD line.

While, the RSI appears flattish at 42.27 as BNB coin lacks steady momentum to remain afloat yet hold not trading extremities. Based on technical indicators as well as BNB price prediction, the coin might face price correction in the near term.

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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