Binance Coin (BNB) Closes on Its 200 DMA Curve of $466!

Binance Coin has finally been able to reach the top levels of its consolidative zone. At the current value of $436, BNB is worth close to USD 72 billion, with a total circulation supply of 165.1 million Binance Coin tokens. Still, the volume of transactions on BNB remains less than 2% of its total valuation meaning only 2-3% of BNB tokens are changing hands each day. The lower volume to valuation ratio indicates buying strength. Ranking at 4th in terms of its market capitalization, BNB has remained the only cryptocurrency in the top 10s to undergo a less than 50% decline from its peak valuation in a drawdown cycle. 

Including advanced measures such as BEP-95 to control the deflationary nature of cryptocurrency tokens, the gas fees on the BNB network have been further reduced to allow better decentralization of its transaction process.

Binance Coin Price Analysis

BNB finally takes support from its 50 DMA curve and heads to retest the resistance offered by its 200 DMA curve. The levels of immediate resistance, along with strong support and resistance levels, will be important as we move ahead towards new levels. BNB price action over the last two weeks indicates a possible bullish trend to begin soon. Traders should check experts’ opinions to find more information regarding the future of Binance Coin. 

BNB was under a clear negative directional movement since facing multiple rejections near its all-time high levels. This price trend was followed by sudden bursts of small profit bookings but couldn’t convert those bursts into a rally. Following this significant downtrend moving rally, BNB has currently entered a consolidation zone since the beginning of February 2022. For these two months, Binance Coin has been attempting to breach $450 levels, backed by strong buying rallies from $360 levels. 

At the present valuation of $438, BNB is just 8% away from its major moving average curve of 200 Days. Post breaching these important levels, BNB will be completely in a positive trend for the immediate term. The only downside of these levels is increased volatility and sudden profit bookings near the curve. RSI has also mustered some strength and moved close to 68 on small charts. BNB Price ChartBNB was under a clear negative directional movement since facing multiple rejections near its all-time high levels. This price trend was followed by sudden bursts of small profit bookings but couldn’t convert those bursts into a rally. Following this significant downtrend moving rally, BNB has currently entered a consolidation zone since the beginning of February 2022. For these two months, Binance Coin has been attempting to breach $450 levels, backed by strong buying rallies from $360 levels. 

At the present valuation of $438, BNB is just 8% away from its major moving average curve of 200 Days. Post breaching these important levels, BNB will be completely in a positive trend for the immediate term. The only downside of these levels is increased volatility and sudden profit bookings near the curve. RSI has also mustered some strength and moved close to 68 on small charts.BNB Price AnalysisOn long-term monthly charts, the price of Binance Coin can be seen moving upwards after taking support from its positive trend line. BNB’s positive bias could be the key to overcoming the upcoming resistance levels of $520 and $660. The March 2022 candle shows a Marubozu candle pattern that often leads to breakout price trends. When talking of key levels, the resistance to $630 should also be addressed. BNB will be facing severe resistance and positive respiration of prior price action. Hence, buyers should ideally take advantage of the rally to book some profit to hedge their investment in case of a possible drawdown of buying sentiment. RSI on monthly charts remains in a mildly positive stance.

Source: https://www.cryptonewsz.com/binance-coin-closes-on-its-200-dma-curve-of-466-usd/