Is Binance at $29.45 Ready for a Big Movement?

  • The coin trading at $29.45 losses -1.95% in the last 24-hours, however, slips -5.3% in the last seven trading session 
  • The coin is in the bullish movement after making the low of $22.55 over the monthly chart
  • The market capitalization stands at $4,255,144,747 and the volume traded in the last 24-hours is $385,304,653 
bnb 1 1
Source: tradingview

Over the monthly chart of Binance, the ascending triangle pattern is observed and a breakout helps the coin for big movement. The price of the coin making the higher high and the lower lows indicates the bullish momentum in the coin. However, it has resistance at the level of $31.90 and the strong resistance at $33.50. The coin finds minor support at the level of $29.35 and the level of $25.75 acts as the major support for the coin. 

The coin trading at the level of $29.45 with the volume in the last 24-hours is $385,304,653, the coin has slipped  -1.93 in the last 24-hours. The coin losses -4.15% as BNB/USD trading at 0.00250732.

Source: tradingview

Relative Strength Index (RSI) indicates the bearish nature of the coin. The RSI is making a falling channel pattern indices the bearish momentum in the chart and trading at the level of 34.16 which indicates the weakness in the coin.

Commodity Channel Index (CCI) also shows the weakness in the chart as trading in the bearish zone and the indicator gives a bearish crossover as trading at negative -184 CCI level.

Source: tradingview

Moving Average Convergence Divergence (MACD) of the coin gives the triple-negative crossover which is a bearish signal for the coin as the indicator indicates the weakness over the chart and we expect the bearish movement in the coin.

Resistance: $31.90 and $33.50

Support: $29.35 and $25.75

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Pratik Chadhokar
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.

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