Binance
Binance price analysis: Big price volatility expected in BNB; The eyes of the traders on the round level-$300
- There is a breakdown of a rising wedge pattern in the Binance coin with price action remaining on the downside in the hourly price chart.
- Binance Coin appears to be in a bearish position below the 20 and 50 day exponential moving averages on the daily price chart.
- As per the last night’s data from CMC, the market cap of BNB fell below $50 billion.
Binance Coin only offered investors with a little reprieve after reversing from 2022 low points with the Dragonfly Doji candle on the daily price graph. However, on May 26, the bears struck again, with the price falling by over 7% in a single day, and the downwards momentum started..
Binance price action has been displaying an ascending wedge shape on the 4-hours price graph from the lows of May, but bulls failed to maintain higher momentum in the following pattern on May 26; hence, BNB currency appears weak.
At the time of writing, Binance Coin is trading at the $301 mark with sideways momentum in the intraday trading session. The bulls will attempt to halt the decline at the weak support level of $286. If they are successful, it would mean that the investor’s attitude has shifted from selling on rallies to buying on downsides. The bulls will try to bring the price back to $350.
According to last night’s data from CMC, the market capitalization of BNB fell below $50 billion. Meanwhile, trading volume fell 15% compared to the previous night. Thus the bitcoin pair with Binance Coin is trading up 0.8% at 0.01046 satoshis.
Buyers barley manage BNB above $300
Binance Coin appears to be in a bearish position below the 20 and 50 day exponential moving averages on the daily price chart. Furthermore, the daily RSI is showing a sideways trend for the BNB coin.
Conclusion
In the event of the price breaking below $286 during this ongoing momentum, it would indicate aggressive bulls who are trapped after buying a break above $320, would be forced to exit.
Support level – 280 and $220
Resistance level – $335 and $350
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
