Binance Coin seems to have been on a bullish spree since yesterday as it traces a reliable uptrend. It has left the bears behind, although short-term hurdles are still part of its price movement. The hurdles, as in the apparent price pullback of BNB coin, are largely under the impact of Bitcoin as it has traded way below the $9800 price mark. This has taken the $10k price target far away.
Here, the Binance coin has started to form Head and Shoulder pattern; the currency is yet to start the right leg of it. It is holding a mildly bullish outlook for now. However, market volatility has again trapped the BNB in turmoil.
BNB Forms Inverted H&S and Eyes $16.80
Since May 13, Binance Coin has been carrying out a ̣̣̣̣̣̣̣̣̣̣̣̣̣steady uptrend. The price reached above $16.46 over the next two days and then declined heavily. With a mixed bias, BNB traced an inverted head and shoulder pattern where it hit its 5-day low price mark at $15.94.
Here, the coin has found a support level, and recovery took place. The price of Binance Coin has rebounded above $16.80 already though to face rejection only. The downward corrections have taken the price at $16.48, with a minor dip at $16.40.
For BNB/USD, the technicals are holding mixed sentiment. The MACD chart in the negative zone while the coin is trading above the 200-day EMA line. To know more about Binance Coin price prediction, you can check out our cryptocurrency news page.
