BNB, the coin which has a robust backing of the largest crypto exchange Binance is no exception when it comes to the recent and too heavy to manage price crash. Over the last week, the whole crypto market has been through one of the darkest nightmares so far.
Binance Coin Price Analysis
Bitcoin, the crypto which spearheads the digital currency space has traded to tremendous lows today, and the recovery has not ushered the coin even above $5800 as yet. BTC even went as low as $3900 in the morning today, which was alarmingly bearish.
In such a market condition, Binance Coin has initiated a weak rebound today after it hit bottom even below $10 and $8. The coin found a support level at $6.63, and apparently, it had declined by around $10 since yesterday’s opening price was $16.52.
The BNB coin is well below the 200-day EMA line. Also, the coin has just formed a bearish candle breaching a rising wedge. Meanwhile, SMA lines are also in the negative zone. These signs are indicating that the price recovery won’t be smooth at all.
As shown in the chart, RSI of Binance Coin went even below 25 in the morning when the coin was testing support at $6.63. Now the coin has stepped out of the oversold zone as it is at 51. Meanwhile, MACD chare is heading towards a bearish crossover.