BNB Capitalizing Overall Price Recovery Momentum With A Increase of 6.48%

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.
  • BNB is becoming of the top capitalizing coin on Saturday’s market session which is casting price recovery momentum as a whole
  • It is having an overall gain of 6.48% and sustaining above the major support level of $25.00
  • The BNB/BTC pair is also performing significantly positive with an overall gain of 5.60% bringing the current levels to 0.00262009 BTC

Binance coin is showing signs of major price recovery actions with the revival of overall positive momentum in the market after BTC slipped below the major support level of $10500 and Ethereum below $350 on Friday’s session where the overall market faced the destruction of the bears. The current price stays at $27.22 with the market capitalization of $3,987,895,527 and 24-hour volume traded of $462,984,160. 

Source: Coinmarketcap

The intraday price chart reflects on the strong positive rebound made by the crypto asset in which it sustained above the major support level of $25.00 and currently is targeting to break above the major resistance level of $30.00 again now that the bulls have made a comeback. However, the overall market conditions also need to favor the digital asset at the same time for breaking above the multi-resistance level this time. 

Binance Coin (BNB) Technical Analysis 

Source: Tradingview

The technical chart highlights on another unsuccessful attempt of BNB to cross the resistance level of $30.00. On the previous occasion where it was successful in doing so, the crypto asset faced a sharp negative divergence which brought the price levels to the critical support area of $22.50. The price levels broke above the MA of $27.22 which is a positive sign. However, FIB retracement levels are showing that there is a great concentration of resistance at 0.618 fib level. 

MACD levels are expecting a bullish crossover as soon as possible for avoiding the levels to reach the selling zone. 

RSI is reviving its level after a sharp negative divergence just after touching the tip of the overbought region. Currently, the level stands at 51.62.

Resistance level: $30.00

Support level: $25.00 & $22.00

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