Binance Coin Struggles Below $290 Resistance, Where Would Price Go?
15 Setembro 2022 - 12:17PM
NEWSBTC
Binance Coin (BNB) struggles to hold support after flipping it into
resistance against tether (USDT) as a bullish structure hits a
rock. Despite showing a great bullish structure in recent weeks,
the price of Binance Coin (BNB) has had a really quiet time as the
market continues in a mist of mixed feelings regarding where the
crypto market is headed. (Data from Binance) Related Reading: Will
Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price?
Binance Coin (BNB) Token Price Analysis On The Weekly Chart
BNB saw a decline in its price from $650 to around $200, with an
over 60% drop from its all-time high despite having good
fundamentals. The price of BNB bounced off after touching a weekly
low of $200, and the price rallied to $330, showing some great
strength. The price of BNB on the weekly chart formed an uptrend
after bouncing from its weekly low with so much bullish sentiment
as the price rallied to $330, where it faced a major weekly
resistance to trend higher. BNB’s price failed to break above this
resistance on the weekly chart as the price was rejected but
continued to respect the trendline support it has built in recent
weeks after creating swing highs with good buy order volume. The
price of BNB is $276.1 on the weekly chart, trading a bit below the
trendline support; if the price of BNB fails to hold this trendline
support and the weekly price closes below this level or zone, we
could see the price of BNB going its support level of $230. For
BNB’s price to maintain its bullish structure, the price of BNB
needs to reclaim its trendline support and rally towards the
resistance at $330, with good buy order volume for BNB. Weekly
resistance for the price of BNB – $330. Weekly support for the
price of BNB – $260. Price Analysis Of BNB On The Daily (1D) Chart
The daily timeframe for BNB prices continues to weaken as the price
broke out below the symmetric triangle BNB price has formed, losing
its uptrend support on the daily timeframe. The price of BNB needs
to rally with good volume to assume its bullish structure in the
daily chart as there are more sell orders for BNB presently. On the
daily timeframe, the price of BNB is currently trading at $276.1,
as the price of BNB on the daily chart closed below the 50 and 200
Exponential Moving Average (EMA), acting as resistances for BNB
price. The price of $285 and $317 corresponds to the resistance at
50 and 200 EMA for the price of BNB. If the 50 EMA fails to
be reclaimed by the BNB price, we could see the price retesting the
support at $260 or lower. The Relative Strength Index (RSI)
for BNB is above 50 on the daily chart, indicating low buy order
volume. Daily resistance for the BNB price – $285-$317. Daily
support for the BNB price – $260-$230. Related Reading: Bitcoin
Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests
Featured Image From zipmex, Charts From Tradingview
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