Binance Coin (BNB) Facing Flat Trading Pattern While Attempting Climb

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Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.
  • BNB acquired a flat trading pattern and showing signs that it will keep on moving in this pattern.
  • There is a crucial resistance level of $13.00 and $12.80, which put a halt against the climb of the Binance’s prices.
  • The BNB/BTC pair is performing positively with the overall profit of -0.67%, bringing the level 0.00186534.

Binance1

The 7-day weekly chart indicates that prices are unable to maintain a gradual climb.

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The BNB price level of $11.20 is key support.  BNB needs to develop a positive divergence as soon a possible but currently if they were not able to maintain a strong support level near $11.50 they won’t be able to keep a gradual rise against the current crucial resistance level.

BNB‘s current market capitalization is $1,917,485,989 USD with volume traded of $ 248,069,691 USD and circulative supply of 155,536,713 BNB.

Binance Coin Price Analysis

Binance2
Source:tradingview

The technical chart indicates that prices are trying their best to climb up, but suffering due to the flat trade. BNB Prices are again at the level of  $12.00. Prices are unable to cross this level as either they get exposed to the flat trend or either they suffer price fall.

The technical indicators and oscillators are showing an increase in the buying volume of the cryptocurrency. This might be a good sign for crypto traders.

MACD levels are showing that both buying and selling volume is moving along after taking a major positive divergence.

RSI takes a  positive divergence from the bearish region to the bullish region of the buying zone, indicating that there is an increase in the buying volume of the altcoin and currently trading above the level of 50.

Same goes with the CCI level as prices are gradually rising, from the depth of the overselling region prices took a sharp positive divergence to the top of the normal zone and after trading there.

Resistance level: $12.80
Support level: $11.20

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