- Binance Coin, at the time of writing this analysis, was trading at $22.08 with immediate support from 50-day MA followed by 200-day MA subject to moderate volatility
- The intraday hike has led the coin to rise above 38.20% Fib Retracement Level and thereby appears bullish
- The downtrend trend that is forming an Elliot Wave pattern on the intraday chart of BNB/USD
Binance Coin rises from the trading price of $21 to currently trading around $22 as we see intraday positive corrections and bullish divergences. If the price breaks down even further, the coin is likely to have a steep downtrend, and the downward trading channel will be breached. On the other side, if the BNB price spikes, we can see a steep rising trend and a bullish candle breakout.
Binance Coin Price Analysis
Analyzing the BNB/USD intraday price trend, we see that the coin is on a continual downswing over the past two days, yet there is a bullish divergence due to the intraday trading range. The coin is rightly supported by the 50- & 200-days MA with moderate volatility, and the BNB price trend rises above 38.20% Fib Retracement level. On the intraday chart, there happens to be a “death crossover” as the 200-day MA crosses above 50-day and the price sinks.
Similarly, the technical indicators laid to hold a bullish crossover as the MACD line cuts above the signal line due to intraday positive corrections.
Similarly, the RSI of Binance Coin is at 61.01 as the price of BNB coin rises above $21, and the intraday trading looks a total gainer.