Binance Coin (BNB) Bears Resurface, Prices About To Lose Level Of $16.40

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 loses the price level of $16.40.
  • Prices were maintaining an up-surge towards the resistance line of $16.60 but ended up acquiring negative divergence.
  • The BNB/BTC pair is not performing well as there is a loss of -1.25% bringing the level 0.00211147.

The BNB price level of $16.30 is providing key support.  BNB manages to put a halt in negative divergence it acquired recently 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 $16.30 and now again climbing towards the level of $16.40

The Resistance level of $16.60 is a major challenge as prices again end up becoming weak after climbing near this price line and end up acquiring negative patterns.

BNB’s current market capitalization is $2,539,655,784 USD with volume traded of $ 408,589,368 USD and circulative supply of 155,536,713 BNB.

Binance Coin (BNB) Price Analysis

bnb1
Source:tradingview

The technical chart indicates that prices are trying to climb up and did acquire a good pace it faded shortly. Binance Coin (BNB) Bears had a stronghold upon the prices as they are again scrambling their surge as the resistance level of  $16.55 is a major blockhead for the positive trade.

Technical are favouring prices as they continuing their blue line and showing an increase in the buying volume.

MACD levels are showing that selling is about to get ahead of the buying volume and prices will stop moving along with bulls as a negative divergence is emerging shortly.

RSI takes a negative divergence in the bullish region and moves towards lower levels of the bullish zone, indicating that there is an increase in the selling volume of the altcoin and currently trading in a falling pattern and might broke the lien of 55.

The same goes for the CCI level as prices are gradually falling, from the heights of the normal zone as bears are taking the chargeback.

Resistance level: $ 16.60
Support level: $16.30

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