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- With most of the altcoins showing positive momentum and reaching new levels for the month, the Binance coin is also on a bullish move.
- However, the cryptoasset still has not managed to cross above the major resistance level of $30.00
- The BNB/BTC pair is also performing negative with the loss of -2.19% bringing the current level to 0.00251625
Binance coin performed positively on Saturday’s trading session with an overall gain of 1.535% bringing the CMP to $28.48. The market capitalization stands at $4,112,932,770 with the 24-hour volume traded of $ 489,975,343.
As the intraday trading chart indicates, the positive momentum in the current market session has taken the price level to a positive extent but the expectations of breaking above the major resistance level of $30.00 were not fulfilled by the crypto asset. However, other major coins like Bitcoin broke above $11k and Ethereum is above the $370 price level. The negative momentum in the BNB/BTC pair is also giving mixed sentiments for BNB.
Technical Levels Retreating From Bullish Levels
The technical chart highlights the significant recovery action built by BNB from September in which most of the other cryptoasset was facing decline. In that recovery phase, it was able to break above the resistance level of $30.00 but later faced major profit booking activity among investors and dropped drastically. The current price levels were able to break above 0.382fib level.
The relative strength index has able to recover its levels but now are in a retreating mode which could harm the positive move. The current level stands at 28.29.
Commodity channel index levels are currently in the overbought region which validates the presence of the bulls. However, the negative nature at the tip of the levels may correct the levels to some extent. The current levels stand at 94.11.
Where Binance Coin Can Be Headed?
The coin must break above the resistance level of $30.00 for capitalizing on the overall bullish sentiment present in the market currently. On the downside, it is backed by the major support level of $25.00. These conditions can result in a price consolidation scenario for the digital asset.
RESISTANCE LEVEL: $30.00 & $34.00
SUPPORT LEVEL: $25.00 & $21.00
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
