TL;DR Breakdown
- Binance Coin rising wedge on the daily chart has climbed above the $315 mark
- The daily opening price at $301 also markets the intraday low
- Binance Coin has already crossed the weekly rejection at $320
Binance Coin Price Analysis: General price overview
Binance Coin’s price kicked off the daily trading chart at an opening price of $301 into a bullish outlook that activated several white soldiers into the $317 price level. The early morning trend suggests the possibility of beating yesterday’s rejection at $320, a price level where the bears invalidated an uptrend and pulled BNB back to the weekend’s high at $291. As of this writing, Binance Coin has activated a rising wedge on the daily chart that climbed above the $315 mark. At face value, candles are long and green.
It wasn’t a good start to the new week after the broader cryptocurrency market broke into a bearish sentiment. Major digital currencies recorded bug losses with BTC and ETH shedding 5.25 percent and 6.07 percent respectively. The coin of the week, Enzyme Finance (MLM) went up by 92 percent – the only notable thing taking place mid-week.
Binance Coin Price Analysis: Movement in the last 24 hours
Price movement in the last 24 hours on the BNB chart has the RSI lying towards the neutral region around 62. If the bulls continue steering the wheel, Binance Coin will fall towards the overbought region as suggested by an RSI adjustment to 70. But for now, momentum is in favor of none and the market only has a loosely translated bullish sentiment.
Across the Moving Average Convergence Divergence (MACD), there is a bullish crossover on the 24-hour chart. Bearish momentum is receding in the medium term and the 20-days exponential moving average is flattening. The market choppiness index is still high suggesting high volatility in the next 24 hours.
The daily opening price also markets the intraday low. Indicating optimism among buyers who are pushing the price towards higher highs. The intraday high stands at $321 – and the bulls are still campaigning for rallies. Hence we can anticipate more highs in the next 24 hours. Seems a good time for swing traders who purchased the weekend’s dip at $278, as they eye the next bullish target at $420.
Yesterday’s sell signal has already receded as was the case on this Binance Coin price analysis. Buyers are taking over and this could be a positive signal in the next leg rally to $600. From yesterday’s 8 bullish indicators, now the bulls have 19 to invalidate any downswings.
Binance Coin Price Analysis: Binance Coin price changes on the 4-hour chart
At the time of writing, Binance Coin (BNB) is trading at $321 against the US dollar. Traders should anticipate high gains over the next 4-hours. There are no signs of a downtrend but if the coin corrects lower, traders need to remain calm as Binance Coin will always correct high.
Binance Coin has already crossed the weekly rejection at $320 after trading sideways for the better part of last week and during the weekend. Both long-term and medium-term indicators suggest the idea of a bullish uptrend. Consolidation is currently gaining momentum between the $320 and $330 mark. For the first time in days, we can say the bulls are dominating the marketing.
Disclaimer. The information provided in this Binance Coin price analysis is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2021-07-06/
