The market continues to gain momentum and has begun to stabilize as cryptocurrencies move sideways. On the other hand, CZ’s BNB token has been exhibiting weak price movement for more than a month. This is among investors Binance coin Creating speculations about the future of ?
BNB price has been trading in a consolidated range since the beginning of September. Following the price decline, the coin started trading in a consolidated range of $211.5 and $218. Binance coin experienced another decline in mid-September. This caused the coin to break down from the support level and test the $200 support level.
The market quickly gained momentum and BNB price climbed above the $211.5 level. Moreover, it continued to gain value. It was subsequently rejected at $221.7, creating a resistance zone. BNB coin fell and fell to $211.5. Moreover, BNB coin failed to hold the level and fell below the level and formed a new support zone at $207.
BNB coin gained further momentum and started to rise. However, it was rejected again at the $221.7 resistance zone. This caused the coin to decline towards the $211.5 support level. altcoin It is testing the support zone and is likely to break soon. It’s possible that this could result in both.
The MACD shows the descending red histogram near its neutral level, indicating the possibility of a major price move in the coming days. The chart also shows the possibility of a bullish convergence that could result in the price gaining value soon.
Is it possible for Binance Coin Price to gain value again?
It is possible that the bulls managed to gain strength and push the price above the $211.5 resistance level. If this happens, BNB coin will gain value and prepare to retest the $221.7 resistance level.
Conversely, if the bears gain ground and fail to keep the price level above, the price will start trading under a bearish influence and soon test the $204 support level.