BNB/USD market is showing encouraging signs, it’s price movement is leaping upwards from lower supports. With the level of optimism in this market, trading indicators are still pointing to possible better performance. Therefore, we might still experience some decent Upside move in this market.
Binance Coin Forecast Statistics Data:
Binance Coin current price: $294
Binance Coin market cap: $47.38 billion
Binance Coin circulating supply: 161.34 million
Binance Coin total supply: 151.34 million
Binance Coin Coinmarketcap ranking: #5
In this value deduction, we will try to discover what amount of optimism we can expect From this market. We’ll also look at how traders can benefit from the mentioned optimism in the BNB/USD market. We’ll also look at the BNB/BTC market and see how traders can navigate this market.
Important Price Marks:
Resistance levels: $294, $320, $360
Support levels: $270, $240, $200
BNB Putting up Some Nice Performance, Buy TAMA, and Buy Long
On the BNB/USD daily chart, we can see that price movement took a rebound off the lower band of the Bollinger. Furthermore, there has been a progressive movement that has broken the resistance formed by the MA of the Bollinger. Currently, price action has arrived above the middle limit of the Bollinger indicator. Consequently, this activity foretells that there may be further price movements in the upside direction. Also, considering the display on the RSI, we can see that the lines of this Indicator have reached the oversold region. However, the faster line has touched the highest point on the RSI, while the slower one follows from behind. With the display on the trading indicators, we can expect the price to retrace the $325, as buying activities continue.
BNB Price Deduction: BNB/BTC Displays a Sharp Downside Rebound
Looking at the BNB/BTC market we can see that, price action has corrected to lower support. Also, the downside correction happened so quickly, such that we may even anticipate an upward rebound soon. This is because price action is already touching the lower support of Bollinger.
Your capital is at risk
However, contrary to the aforementioned possibility, the Stochastic RSI is now plunging towards the oversold. Consequently, this is pointing out that price activities in this market may further proceed to the downside. This is because the seller seems to have gained control of price action. Also, this downward retracement may be due to bettering performance of the. Bitcoin against the US dollar. Therefore trades can position a pending buy order at the middle level of the Bollinger.
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