Binance Coin Price Trades Around the Major Support Area at $30

Binance Coin, the native of Binance platform, which is not just a trading platform, but an entire crypto ecosystem built over the years by the team of Binance and its CEO, is seen trading amongst the top ten cryptos of the global market. Just when crypto was new to the entire world, Binance was and is the most reliable platform to trade, hold, and invest in cryptocurrencies. 

Moreover, it was just in the previous year when BNB price had hit its All-Time High at $39, and it was only in the last week when it rose as high $36.9 but faced an utter resistance at $37 and failed to trade above.

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Binance has been a trading platform to many digital cryptocurrencies holding over millions of investors worldwide. Like Litecoin, Binance Coin is also believed to be an asset of the long-term and is believed to fetch massive returns undoubtedly.

Binance Coin Price Analysis

Binance Coin News
BNB/USD Chart By TradingView

At the press time, Binance Coin price was trading around the major support area at $30 after having declined from the YTD high marked at $36.9 in the last week before the pullback. BNB/USD has reduced by over 15% from the YTD to the current trading price, and if the coin declines any further driven by the market momentum, it is likely to test MA50 support on the daily chart at $29.4.

Binance Coin is retaining steady support from MA200 at $23.01, and rejection at $30 is likely to test significant supports. But with a gain in price from the daily lows marked around $29, BNB drew a bullish crossover on the MACD chart. The RSI is seen lying at 54.19 without tracing any extremities due to no abrupt change in price.

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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