BNB Coin Dips Below the Major Support at $20, Yet Appears Bullish

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  • Binance Coin, at the time of penning down this analysis was seen trading below the major support at $19.4, after a gradual breakdown in the previous month
  • BNB/USD has lost over 16% within a week as compared from the trading price of $23.37
  • The coin holds an immediate support from the 50-day daily MA, while, lacks support from the long-term i.e., 200-day MA
  • The intraday appears bullish as the price of BNB coin rises and takes a bullish crossover

Binance Coin, just like any other altcoin was seen descending in the previous month. Aligning the movement of altcoin with that of BTC, we see that the king of cryptos has also dipped below $9k and has been appearing sluggish for the 6th day in the row.

Binance Coin Price Analysis:

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BNB/USD Chart By TradingView

Taking an emphasized glance of BNB/USD price movement on the hourly chart, we see that the coin was on a continual downswing until the end of the previous month when it had hit the bottom at $17.66. Since then the price of Binance Coin is seen accumulating with light oscillations.

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The 20-day Bollinger Bands laid show a moderate opening and do not project any vulnerable volatility in the upcoming days, as it retains support from 50-day MA.

Technical Indicators:

The technical Indicators laid exhibit a bullish crossover of the BNB coin as the crypto is showing positive intraday movement and therefore, the MACD line crosses above the signal line.

The RSI of the coin is at 55.44 and is showing no trading extremities at present.

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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