As the graphs below indicate, Binance is slowly making its way towards significant support levels. Investors and traders, who were initially anticipating a rapid recovery, are expected to hold their horses.
The entirety of the crypto-market was performing rather rapidly on the 8th of November and for multiple days prior. This movement has affected several currencies in the market. It was appearing to crash just the previous day and was no different on the 8th.
Binance is known to be a coin with much potential as its inclination has left many investors surprised over history. A recovery in the future might be probable considering these statistics.
However, the intra-day charts indicate how the coin fell under market pressure, with a steeped line downwards.
1-Day Binance Coin BNB Price Chart (BNB/USDT)
The 7th showed that the coin began dealing at $20.6 and had a minor surge of a percentage of 0.89. The coin later slipped to $19.7 by a percentage of 4.48. There was a recovery until the currency persisted its form around $20.3 and closing at the same level.
The 8th, on the other hand, began with a scanty uptrend by a percentage 0f 0.44 as the numbers moved from $20.3 to $20.4. Later, the price slid to $19.60 through a percentage of -3.9. It managed to fall to its lowest of $19.33 before it surged very slightly to close at $19.6.
As indicated above, it has been a rough day for the Binance Coin. The moving averages have fallen alongside the price (at 19.999 SMA and 19.645 EMA) with an RSI of 48.72, which depicts the bearish nature of the chart.
The investors interested in the currency would be recommended to initiate investment over the long-term. However, in light of the current inclinations, it would be more beneficial to hold on to the stakes for a while longer to wait until stability reaches the market as a whole.
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