After Binance Coin had tested the support of $275.40 multiple times, this crypto may soon rebound upwards. Nevertheless, going by signs from indicators, this current trend appears weak, and unsure at this point. This necessitates that we examine this trend more closely to see how to utilize it properly.
BNB Forecast Statistics Data:
BNB current price: $277.50
BNB market cap: $45.1billion
BNB circulating supply: 161.3 million
BNB total supply: 161.3 million
BNB Coinmarketcap ranking: #5
This analysis will examine the price movements in the BNB/USD and BNB/BTC. And, we shall deduce trading move, which could be put to use in these markets. So, let’s Jump in.
Key Price Marks:
Resistance levels: $277.50, $280.00, $300.00
Support levels: $270.00, $260.00, $250.00
Binance Coin Price Action Needs More Buyers, Buy Tamadoge Today
On the BNB/USD 24 hours chart, the last candle here portrays that sellers aren’t ready to allow buyers to take prices higher. However, taking a closer look at the last price candle on this chart, it appears that this may eventually turn out to be a hammer candlestick. Should this form at the end of the trading session, then this may result in a bullish reversal. Consequently, the price will rise higher.
Furthermore, the RSI is still in the highly sold zone, which signifies the prevalent downtrend. But, as buying pressure continues to mount from here, Binance Coin price will retrace towards the $280 price level should a hammer candle eventually form here. Traders can either wait till the price retraces the $280 mark by placing a buy stop order at that level, or execute a buy order straight away. So, from the signs here BNB price action may soon reach the $300 resistance.
Binance Price Analysis: BNB/BNB Seek to Retrace Higher
In the BNB/BTC market price action appears to have once more started to climb higher. The BNB price has been able to retrace some lost value with the formation of two consecutive green candlesticks. Also at this point, the RSI has quickly reached the oversold region, and the faster line now appears to curve towards the slower one. This indicates that buyers are already gaining more momentum at this stage.
Your capital is at risk
Going by signs in this market the developing uptrend may be very significant. This is emanating from the fact that there is more space for the uptrend to gather strength. Eventually, this may see BNB/BTC value reaching near 0.01500. Else, should more traders go shot BNB/BTC will plunge to lower suppor around 0.012500. Traders in this market can as well place a pending entry order near 0.014250, incase the uptrend continues.
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