Binance Coin (BNB) Bears Are Again Emerging Strong At Price Level Of $16.50

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 currently acquired a bearish trading pattern and showing signs that it will hit the price level of $16.00.
  • Prices were maintaining an up-surge towards the resistance line of $16.50 but ended up acquiring negative divergence.
  • The BNB/BTC pair is not performing well as there is a loss of -3.01% bringing the level 0.00213946.

The price level of $15.90 is providing key support. BNB manages to put a halt in negative divergence it acquired at the beginning and currently it is trying to find some stability as they again started falling. Currently, prices are falling after they managed to maintain a support level near $16.00 and were climbing towards the level of $16.40

The Resistance level of $16.50 is a major challenge as prices always end up becoming weak after climbing near this price line and end up acquiring a negative pattern.

BNB’s current market capitalization is $2,512,153,708 USD with volume traded of $ 441,975,678 USD and circulative supply of 155,536,713 BNB.

Binance Coin (BNB) Price Analysis

binance1
Source:tradingview

The technical chart indicates that prices are trying to climb up and did acquire a good pace. Binance Coin (BNB) Bears had a stronghold upon the prices as they are again scrambling their surge. Prices can reach the resistance level of  $16.00 and currently are looking able to maintain a gradual climb above this level of $16.50.

Technical are favoring prices as they are turning blue and showing an increase in the buying volume means the price is able to pull off an impressive surge to the above levels.

MACD levels are showing that buying volume is getting ahead of the selling volume and prices are moving along with bulls as a major positive divergence is emerging.

RSI takes a  positive divergence from the bearish region towards the bullish zone, indicating that there is an increase in the buying volume of the altcoin and currently trading in a falling pattern and might hit the lien of 50.

Same goes with the CCI level as prices are gradually rising, from the neutral of the normal zone, prices took a gradual positive divergence to the point of the over buying zone and then started falling.

Resistance level: $ 16.40

Support level: $15.90

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