Binance Coin Retreats Above the Major Resistance at $12

  • Binance Coin has taken an amazing intraday leap as it presently trades at $12.53, after striving around $10 and below it due to dearth of momentum
  • The previous week has been quite a gainer for BNB coin investors after a week of price accumulation
  • BNB price trend attempts to rise above 61.80% Fib Retracement after 4 days of hail

Binance Coin (BNB) price takes a rising stall as observed from the past 7 days and thereby regains support from the daily moving averages viz., 50-day and 200-day. Nonetheless, the global crypto market is ramped up with notable momentum since the midday of previous trading sessions, and BTC price has already broken the resistance at $6.5k. However, this is hard to believe as the markets worldwide are seen struggling due to a serious breakdown after the Coronavirus outbreak. Today seems to be an exception as the Asian markets were also seen drawing a hope for the intraday investors amidst unprecedented volatility.

Binance Coin Price Analysis

Binance Coin (BNB) Price News
BNB/USD Chart By TradingView

Analyzing the intraday price movement of Binance Coin against the US Dollar, we see that the coin has extended its bullish movement for the past 24 hours as it marks a progression of 18% from trading around $1.079 to hitting $12.77. The steep rise in the price during yesterday’s trading session took the price of BNB coin to hit above the resistance at $12.

Binance Coin News

Undoubtedly, Binance Coin has been one of the gainers in the past 7 days as we see a potential uptrend forming and the price rising in the upper range as per the current momentum. The major support lies at $11.5, followed by $11 and $10 for an unpredictable fall. The current rise has led the price trend of BNB to rise above 61.80% Fib Retracement level after three days of moderate correction.

The current retreat has turned the technicals to hold a bullish crossover as the MACD line of Binance Coin crosses above the signal line, and the RSI of the coin is at 65.22, manifesting no glimpse of selling pressure.



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Source: https://www.cryptonewsz.com/binance-coin-marks-18-rebound-in-24-hours-trades-above-12-5/