Binance Coin Analysis: BNB Regains Bullish Momentum

Binance Coin Technical Analysis
  • Binance coin price bounced back to $288 from the support of $197 on Wednesday’s trading session
  • The 24-hour volume in BNB is at $8,057,007,431 with a 53.52% increase.
  • The BNB/BTC pair was trading at 0.005287 BTC with a gain of 14.75%
Source: BNB/USD on TradingView

The 4-hour technical chart of Binance coin price projects an uptrend. According to pivot points, BNB’s critical support level is placed at $197. Whereas if it moves up, the key resistance level to watch is $334. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish engulfing candlestick pattern.

SMA-50 & 100 acts as another strong support in the coin. SMA-50 (purple) intersects the SMA-100 (white), which projects a beginning of bullish trend. The price is above both the SMA’s. Investors may perceive a positive crossover in the chart, the price will also follow the positive trend.

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RSI indicator (BULLISH), with a value of 65, indicates a buy signal in the coin. Moreover, Investors can see a slight downward slope from 79 to 65; it may surge again in future trading sessions.

Comeback of Bulls in Binance Coin 

Binance coin price traded at $288 with a gain of 17% in the last 24-hour and also maintains a healthy gain of 14%. In contrast, the market capitalization stands at $43 billion. Technically, investors can perceive a positive crossover in SMA. Moreover, the movement of price can be towards the resistance of $334.

Resistance: $334

Support: $197

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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