BNB coin has experienced decent gain over some significant length of time. However, at this point, we may be at the beginning of this crypto’s price action retracing lower price levels. Will this trend continue to sink the BNB Coin price and how far can the price fall? In this analysis, we’ll try to answer some critical questions about the current happening in this market.
Binance Coin Forecast Statistics Data:
Binance Coin’s current price: $277.279
Binance Coin market cap: $44.94 billion
Binance Coin circulating supply:161.33 million
Binance Coin total supply: 161.3 million
Binance Coin Coinmarketcap ranking: #5
We’ll be examining the BNB/USD market and the BNB/BTC market. Also, we shall examine the current market behavior, and what will likely happen soon. All this will be done through the help of trading indicators. Without wasting any more time let’s jump in
Major Price Marks:
Top Level: $300, $320.120, $340.46
Bottom levels: $295.345, $290.300, $277.279
BNB Coin Commences Downside Movement; Buy Tamadoge Today
Looking at the BNB/USD daily chart, price activities has plunged downwards with a long red candle. Consequently, this indicates that massive selling occurred, and as there were many sellers in the market, the price quickly fell. The SMA has converged above the price action. At that, we may eventually witness more downside retracement.
Moving on, not very long after buyers were seen gaining strength on the RSI, there was a correction downwards to 24.52 and 15.97 on the RSI indicator. This reveals that sellers have gained control of price action. unless buyers increases in strength, the price may retrace to around $250 or $240, before any possible correction may be expected.
BNB Coin Price Analysis: BNB/BTC Looks More Promising
On the BNB/BTC front, we can see that this market shows a more encouraging performance. We can see here that there are prospects of further upward gain in value. We can perceive that the SMA remains below the movement of value candles, and this reveals that the price has risen. Also, the last candlestick here is a bullish one, this indicates that buyers are still active here. Furthermore, the nature of this last candle tells that more upside gain may be witnessed in this market.
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Although the RSI seems to be pointing slightly downwards, after making a cross on its way upwards. It will only take a little buying pressure for this indicator curve to correct upwards. Therefore traders in this market may still anticipate a higher value to be reached. A value level of 0.015000 may be anticipated by traders in this market.
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Source: https://insidebitcoins.com/news/bnb-coin-retracing-lower-support-the-basis-for-tama-is-bullish