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- Binance coin has shown significant positive momentum in today’s market with an overall gain of 9.01%.
- The reason for the growth can be of touching the strong support level of $18.10.
Binance coin is the crypto assets which is known for its volatility in the market. But the volatility has been turned out to be positive in today’s market as it suddenly jumped from the level of $18.70 to $20.10.
It started from a strong support level of $18.10 in today’s market and finally broke the mark of $20 again. It can be considered as a positive indication for an upcoming bullish momentum.
While with the aim of crossing the major mark of $30, BNB reached the resistance of $26.50 which forced the altcoin to a downside rally. BNB started the year with the level of $13.70 and observing the volatility of the downside rally, the crypto market thought it would touch that initials.
However, the support level of $18.10 came into play and pushed it back again to the current price of $20.02. The market capitalization is $3,113,344,942 with 24h volume traded of $551,474,701.
The technical graph reflects on the bullish momentum built by BNB from the starting of the year which is followed by the downtrend which it was facing for the past few days. The positive momentum in today’s market has expected to put that downtrend on hold and BNB bulls back into play.
The technical indicators and oscillators strongly favor BNB bulls to build a bullish from here. RSI is reaching a strong level of 60. However, CCI is in the overbought territory and a negative divergence will indicate that the positive momentum can be sustained by the crypto assets.
If CCI remains in the overbought territory for long, it can result in minor pricing corrections too. MACD levels also indicate that after facing bearish movement for a while, BNB has started having heavy buying volume because of the bullish cross-made in the bearish zone. If MACD levels move to the bullish zone, BNB bulls will be favored immensely.
Resistance Level: $21.50 and $23.50
Support Level: $18.00 and $19.50
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
