- Binance Coin, at the time of writing, was trading at $22 gaining steady support from 50-day MA
- If observed cumulatively, the price trend of BNB coin is maintaining a steady rising channel without experiencing any steep fall
- The current fall experienced has led the coin to nosedive from the 90-day high price of $27 due to lack of momentum
- The 20-day Bollinger Bands laid do not exhibit any volatile trading extremities in the upcoming days
Binance Coin has been facing a considerable pullback as compared to the other coins and altcoins of the global crypto market. However, the positive intraday move experienced has led the coin to have a bullish divergence.
Binance Coin Price Analysis
Taking a glance at BNB’s weekly price movement against US Dollar, we see that the coin is facing a strict parabolic resistance within the rising trading channel and thereby, had hit an ATH at $39 in the previous year. After having hit the 2nd, i.e., the ATH parabolic resistance, the price of BNB coin is on a continual downswing and currently appears to rise towards yet another higher parabolic resistance within the given channel. The price of Binance Coin is actively supported by 50-day MA and the rising price within the channel is a “Take Profit (TP)” signal for the investors of the crypto.
The technical indicators laid is confirming the intraday bullish move as the MACD line of BNB coin cuts the signal line from below and crosses above.
Similarly, the RSI of the coin is at 56.48 and holds no trading extremities presently.