Bullish Signal on Binance Coin (BNB)! – BNB Technical Analysis

Binance Coin (BNB), the local cryptocurrency of Binance, the largest cryptocurrency exchange, ranks 5th in the coinmarketcap with a market value of $ 56.1 billion, and finds buyers at $ 333.

Affected by the general decline in the market and having lost up to 25% in value in the last two weeks, BNB continues to be weighed down by the SEC’s stance against Binance. For investors wondering about the fate of the decline in BNB, we are examining BNB in ​​technical terms.

Will the Strong Bullish Signal Be Effective?

BNB, which has been burning red candles in the last four days in a row and is close to the open on the fifth day candle, creates a positive divergence by making rising lows on the RSI indicator against the descending highs made on the price side.

Binance Coin (BNB) Daily Chart – Source: Tradingview

It is trading at the $335 border on the daily chart, which holds an important place in terms of both the green ascending trend line and the Fibonacci retracement. The positive divergence seen is expected to be above $335 at the close of the day, and with the recovery on the BTC side, it is expected to cause an increase in BNB.

If the BNB price makes the expected move from this point, investors who buy around $335 will first meet the MA100 ($366) level as resistance. Exceeding this level will bring the $403.6, which corresponds to fibonacci 0.382, to the agenda. However, since the price’s closing under the green trend may disrupt this whole scenario, it may be possible to stop under the trend.

BNB in ​​Downtrend!

Examined on the 4-Hour chart, BNB appears to be under a clear downtrend effect, indicated by the red line. BNB, which is slowly resting on the border of this downtrend, is expected to make an uptrend.

Binance Coin (BNB) 4-Hour Chart – Source: Tradingview

BNB, which is above the support level of the fibonacci retracement applied on the chart, is gradually approaching the end of the downtrend. No matter how much an increase is expected here, a downward movement on the BTC side may cause BNB to break the support of $ 333 here. At this point, investors can see the $319 level as the last bastion according to their buying points and go to stop below.

* The above does not constitute investment advice, please take your own investment decisions yourself.

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