Binance Coin (BNB) Price Analysis: BNB Again Reaches Critical Price Mark Of $12.00

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Binance coin has shown negative momentum in today’s market with the overall loss of 1.30%
  • The reason for the decline can be of touching the strong resistance level of $13.00. 

Capture
Source: Coin360

Binance coin is the cryptoasset that is known for its volatility in the market and the volatility has been turned out to be negative in today’s market as it is suddenly as it is on the critical support level of $12.00. It started from a strong support level of $10.00 in today’s market and finally broke the mark of $12.00 again. It can be considered as a positive indication for an upcoming bullish momentum.

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While intending to cross the major mark of $15, BNB reached the resistance of $13 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 $10.00 came into play and pushed it back again to the current price of $12.24. The market capitalization is $1,903,344,942 with 24h volume traded of $331,474,701.

Binance Coin price analysis

Screenshot (111)
Source: Tradingview

The technical graph reflects on the bearish momentum faced by BNB from the starting of this month. The negative momentum in today’s market has expected to put that positive movement on hold and BNB bears back into play.

The technical indicators and oscillators strongly favor BNB bulls to build a bullish movement from here. RSI is reaching a strong level of 60.

CCI is in the normal territory and a positive divergence will indicate that the positive momentum can be sustained by the cryptoasset. If CCI remains reaches 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. MACD levels have moved to bullish zone and this favors BNB bulls immensely.

Resistance Level: $13 and $15
Support Level: $10 and $9 

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