Binance Coin price is running bearish as ever since the bear market ended. Its glory days are long gone and instead of reminiscing of the past, BNB now seeks to find a way to get back up on the top of its price charts.
BNB trades for twenty dollars ($20.71) at the time of writing and has a twenty-four (24) hour volume of one hundred and seventy-eight million dollars ($178,786,345). The market cap for Binace coin totals to three billion dollars ($3,224,846,907).
Binance Coin price has broken below the twenty dollars ($20.8857) minor resistance mark. Analysis of the graph (below) indicates that BNB will finally see a halt to its race to the bottom at eighteen dollars ($18.30).
Binance Coin price chart by TradingView
Binace Coin can expect help from the traders to stop it at the eighteen dollars ($18.30) mark because it sits on the chart as a major support mark. If that point won’t hold that the bulls will have another fighting chance against the bears at sixteen-dollar ($16) because that is the closest support mark after the eighteen dollars ($18.30) mark.
Binance Coin price needs a correction
Moving North we have both the exponential moving average (EMA) and then the simple moving average (SMA) to act as resistances. The fifty (50) day SMA has turned down BNB thrice and the mark seems week now. A retest might break it and indicate that the bulls are back in the game.
Above the averages, we have a minor resistance mark at thirty-two dollars ($32.50). BNB has been to the thirty-nine dollars ($39) district this year. The bulls made it once and they can make it again and retest the yearly high.
The relative strength index (RSI) is bearish as it runs below the fifty (50) mark at thirty-two (32.24). From the looks of things, it seems like the RSI will continue this trend and keep going lower until a trend change. Sell signals are a go in the short term while holders will benefit from keeping the currency. It isn’t wise to shell out before the altcoin season begins.
Join eToro and get $50 cash to start trading!
