Binance Coin News

Binance Coin (BNB) Leaves Short-term Bears Behind; Finally Sparks Fresh Rise

  • Binance Coin’s recovery gathers momentum; Breakout above 200 Day EMA can fetch a sustained price rally
  • The market bulls are under process to have a grip over an uptrend, although Bitcoin is still below $9000
  • Just like the rest of the market, BNB/USD lacks stability 
  • Before the recovery, Binance Coin has formed four major dips in a short span of 2 days
  • The 16% price drop may get recovered over the next couple of days if the uptrend remains intact

The cryptocurrency market won’t fail this time to impress the traders, hopefully, as a steady rebound has been initiated by the Bulls. The market seems to be forming a sturdy ground for a dependable come back. If we talk about Bitcoin, a lasting rally on the upside can take the price above $9000-$9200. As far as BNB coin is concerned, it has formed a support level below 50% fib level.

Binance Coin Price Analysis

BNB Coin has conducted more than 50% price recovery of its recent price decline by 16% lately. The currency has been largely bullish over the last 24 hours. At present, the coin is testing resistance above $15 with a positive bias. 

Since yesterday, Binance Coin price has attempted to cross the 200-day EMA line twice, where a steep resistance has come across its way. The currency may take another dip to shoot up above $16. 

While the BNB holds a moderately bullish outlook, the technicals are getting ready to enter the positive zone. The MACD indicator is about to have a bullish crossover, and moving averages are a little away from each other, where the short-term SMA line is on the downside. The vulnerability of the Binance Coin towards volatility still remains high. 

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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