BNB Price Continues To Trade Sideways Despite Market Surge! Potential Breakout For The Binance Coin Soon?
The post BNB Price Continues To Trade Sideways Despite Market Surge! Potential Breakout For The Binance Coin Soon? appeared first on Coinpedia Fintech News
Even after the cryptocurrency space displayed a massive price jump with its market leader and top altcoins adding significant value to their respective portfolios, the BNB coin price, even after being listed among the top five cryptocurrencies of all time, has recorded a rise of only 5% in value, indicating the rising disinterest of investors in this crypto.
The BNB price has been trading in a consolidated range between $204.5 and $220.12 since mid-August. The price made multiple attempts to break out of the range but was rejected repeatedly, resulting in the coin continuing to trade sideways.
TradingView: BNB/USDT
Following the crypto market pump during the previous week, BNB’s price, after multiple attempts, managed to break out of the resistance zone at $220 for the first time since the start of September. Further, the price continued to gain value and broke out of its key resistance at $228.
But the rally was short-lived as the bears pulled the price below the level. After that, the Binance coin price has been trading in a closed range between $220 and $228, with uncertainty in its future price action.
Further, the price retested its support zone recently at $220 and successfully rebounded, indicating the possibility of a trend reversal, which could result in the price gaining momentum soon. The 50-day EMA, on the other hand, is acting as a support for the lower wick, suggesting a positive uptrend in the coming days.
The MACD displays a constant red histogram in the chart, indicating a bearish influence in the market for the BNB coin. Further, the histogram shows a rise toward its neutral point, suggesting the possibility of the coin gaining momentum in the coming days.
Will The Binance Coin Regain Its Value?
If the bulls create positive momentum, gain power, and break out of their key resistance at $228, the price will gain significant momentum. It will continue to rise in value and make a run to test its upper resistance level of $238.3 in the coming days.
Conversely, if the bears dominate a market and the Binance price dips below the support level of $220, the BNB coin will lose momentum in the coming days, experience a drop, and test its lower support level of $213.5.
Moreover, if the BNB price continues to trade under a bearish influence, it will experience another price plunge and test its crucial support level of $204.5 in the coming month.
Filed under: Bitcoin - @ October 27, 2023 8:08 am