Bull Strength Dwindles as Binance Coin (Bnb) Trends Southwards

• Binance Coin (BNB) market was dominated by bears
• BNB’s bullish trend established support around $275
• Traders should be wary in future because the histogram is downward.

At the start of the day, the Binance Coin (BNB) market was dominated by bears, with prices plummeting to a low of $273.93. On the other hand, the bulls came in to reject this unfavorable trend, increasing the price by 7% to $290.94. 

Throughout the day, BNB’s bullish trend established support around $275 before encountering resistance at the intraday high of $280.

During the upturn, the market capitalization of Binance Coin (BNB) dipped by 4.76% to $44,124,413,591, but the trading volume jumped by 86.36% to $808,331,336 reflecting that buyers are matching sellers’ expectations.

BNB — Bollinger Bands, Stochastic RSI, MACD

Binance Coin’s (BNB) the narrowing Bollinger bands are a concern for this bullish trend, with the upper band touching $284 and the lower band at $272. However, as the price moves to the upper band, the positive trend is supported, indicating additional bullish development.

With a value of 11.59, the stochastic RSI indicates that this bullish signal has yet to reach its zenith, as it points higher, showing that this bull strength is strengthening, indicating that a further bull run is on the horizon.

In addition, the MACD blue line’s downward trend below the signal line at -1.8 is causing investors some concern. Moreover, traders should be awary in the foreseeable future because the chart is trending downward.

At the time of writing, the Binance Coin (BNB)  price is trading at $276.3, according to CoinMarketCap. 

To maintain the constant growth, bulls must retain the resistance level and force prices higher.