The Short term downtrend in BNB has tumbled to coin price by 50% and dropped to the $333 support. The buyers are trying to hold the price above the $336 mark, indicating this support as a high area of interest for possible reversal. Moreover, Binance has recently announced its partnership with Gulf Energy Development to establish a new digital asset trading platform in Thailand.
Key technical element to ponder
- The BNB coin chart tease a death crossover among the 50-and-200-day EMA
- The intraday trading volume in the BNB Network coin is $1.81 Million, indicating a 20% loss.
Source- Tradingview
In our previous coverage of the Binance coin, Coingape warned the correction phase would extend as the coin price was rejected from the descending trendline ($505). However, the sudden sell-off in the crypto market bolstered the ongoing selling pressure and slipped the price to $336.
The coin buyers have managed to halt the downfall at the $336 mark. The technical chart shows several lower price rejection candles at this AOI, indicating high demand pressure at this support
The Relative Strength Index(36) presents a bullish divergence for the $405 and $336 lower low. The RSI slope rising in the accumulation phase indicates the increasing strength of bulls.
The 50-day EMA line along with providing dynamic support to BNB price threatens a death crossover with 200 EMA.
Bullish Opportunity Above The $405 Mark
Source- Tradingview
The BNB/USD pair has been consolidating between the $405 and $336 mark for the past week. This narrow range calls for excellent trading opportunities when the pair breaks free from either of its levels. Therefore, the buyers can expect a bullish recovery above the $405 mark.
On a contrary note, if the coin price fails to surpass the descending triangle or violate the bottom support($336), this pair may sink to the $260 mark.
- Resistance level- $405 and $505
- Support levels- $336 and $260
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/bnb-network-price-analysis-tugs-of-war-inside-a-narrow-range-decides-next-rally-for-bnb/