Price Analysis

Binance Coin Shows an Impressive 24H Movement & Trades at $24

Binance Coin marks a massive rise of above 40% in a period of 5 days from trading around to $17 to currently hitting at $24.7. Having breached a 5-month high, BNB/USD is experiencing a steep rise with the major support lying around $21, followed by $17 from where the coin gained momentum.

Just when Bitcoin and other altcoins are seen ranging, we see some high potential coins experiencing sharp rises subject to volatility. Amongst these coins, BNB has been oscillating towards the higher range as it trades above $21 and $23. With a golden crossover held, i.e., 50-day daily MA crossing above 200-day daily MA, the current trading price of Binance Coin is rightly supported. As per the current trend and momentum, we foresee further growth in the upcoming days.

Binance Coin Price Analysis

Binance Coin (BNB) Price News
BNB/USD Chart by TradingView

Taking a glance at 12-hourly BNB/USD movement on Binance, we see that the coin has been forming a semi-circular high as it rises steeply above the support area formed beyond $17. In the ongoing year, Binance Coin has been on a continual upswing and a constant Bull Run for 5 days straight. As per the current hike, the immediate and the major support lies at $23, followed by $21, and there happens to be an S/R flip.

However, in the early hours today, BTC against USD has slid below $10,000 after trading beyond for a day. It is likely to happen that BNB coin faces an influential dip, thereby.

Technical Indicators

BNB Coin
BNB/USD Chart by TradingView

The technical indicators laid confirm about the intraday spike as the MACD of Binance Coin crosses above the signal line and withholds a bullish divergence.

Similarly, the RSI of BNB coin is surprisingly at 88.45 and has crossed boundaries above 70 in the overbought zone.

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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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