Binance Coin (BNB) Price Level Of $15.00 End Up Being A Bearish Trap For Bulls

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 sharp bearish trading pattern and showing signs that it is mainly due to the resistance line of $15.00
  • Prices ended there up-surge in a very drastic note after being blown away by crucial resistance level of $15.00
  • The BNB/BTC pair is performing in a good condition even after suffering a loss, currently, there is a gain of 55% bringing the level 0.002147604.

The price level of $13.30 is providing key support as it manages to put a halt in negative divergence and currently it is trying to provide some stability. Currently, prices managed to maintain a slight gradual climb above the current support level of $13.30 too and now they are might able to continue their rally up.

BNB‘s current market capitalization is $2,240,898,286 USD with volume traded of $ 476,359,219 USD and circulative supply of 155,536,713 BNB.

bnb1
Source:tradingview

The technical chart indicates that prices are trying to climb up after taking a massive fall. Bears are looking strong this yet bulls are pulling off some positive trade. Prices were about to reach the resistance level of $14.50 but instead, they collapse again with a plummet in them. Prices were unable to maintain a gradual climb above their current level. 

Technical are completely favoring prices as they are turning blue and showing an increase in the buying volume means price soon be able to pull off some recovery against the current loss.

MACD levels are showing that there is an increase in the buying volume of the binance coin as showing that positive trade has started in the trading of the cryptocurrency and this can be the breakdown prices needed to acquire bullish momentum. 

RSI takes a negative divergence from the bullish region towards the selling zone, indicating that there is an increase in the selling volume of the altcoin and currently trading above the crucial level of 50. 

Same goes with the CCI level as prices are gradually falling from the top of the over buying zone, prices took a gradual negative divergence to the highest limit possible of the over buying zone and in potential to enter the normal zone. As their is a major plummet in prices.  

Resistance level: $ 14.50
Support level: $14.35

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