Binance Coin, the world’s largest crypto exchange native token has been in a downtrend. The asset has fallen down by around 8.5% over the past week. Despite loss in market capitalization by 6% the coin’s volume has swelled by 3.5%. Recently the BNB Chain released a year long technical roadmap at the Revelation Summit. Currently the bears are active in the market as the bulls were not able to build it past the important levels.
At the time of writing BNB is trading at $301.8.
BNB made a ‘Long Legged Doji’ candle on 12th MAY (indicating indecision in downtrend and a possible reversal. Post this move, the asset has shown good signs of recovery and surged up to $337. However, the bulls failed to push the prices above the resistance zone of $335 – $355 and witnessed minor correction. Currently, BNB is trying to take support at the rising uptrend line. If it holds and sustains above the support, then the bulls may resume the up move whereas a break below the support will lead to further downfall. To witness a rally BNB needs to sustain and close above $355.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.