Over the last five days, Binance Coin BNB price has followed a bearish path. The past twenty-four hours showcased a decrease of over 1.68 percent, which occurred just overnight. It is expected that the coin will follow this trend for the forthcoming time period.
Binance Coin BNB Price Analysis – 5-Days (BNB/USD)
As displayed by the graph above, the Binance Coin price consolidated gains over the $16 value on and around the 30th of November. However, the days that led up to this date, and the days that followed displayed prices falling to $15 and even below this value. This proves the bearish nature of the movement in price. This trend was breached for a short amount of time around the November 25 period.
The coin traced a relative uptrend over the last five days of November (inclusive of the 30th), but as shown above, the movement was decelerated with the initiation of December. The price was beyond the $20 mark till mid-November and now seems to have fallen to $15. It appears to be hovering around this range continuously.
Binance Coin currently ranks #8 by market capitalisation but it is down by 1.68 percent over the past 24 hours. BNB has a market capitalisation of $2.41B with a 24-hour volume of $214.1M.
Displayed by the full-featured chart above, the price hovered around the moving averages, which shows the bearish trend has ensued for a significant amount of time. The 50-Day Simple Moving Average was seen to hover (at the time of writing) at $14.99 with the 20-Day Exponential Moving Average doing the same at $14.97.
The cryptocurrency is in dire need for a substantial price elevation through momentum by the bulls. It might attain support at the $14.99, $14.79, and $14.43 marks in case the downward movement continues. However, in case the bullish movement overthrows the bearish trend, resistance could be met at the $15.55, $15.91, and $16.11 marks.
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