While Binance Coin sees a range, these are the levels investors should watch
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the opinion of the author.
Binance Coin was the fifth-largest cryptocurrency by market capitalization, in line with CoinMarketCap. At a time when concern was rampant available in the market and even bigger gamers available in the market, similar to 3AC may be pressured to liquidate, Binance was one of many main manufacturers that remained standing robust. Nevertheless, this energy was not current on the worth charts of Binance Coin.
BNB- 12-Hour Chart
Supply: BNB/USDT on TradingView
Binance Coin has been on a gentle downtrend since November 2021. There have been intervals of a powerful rally in between, similar to early-February and mid-March to the $450 stage. Regardless of these rallies, the worth was unable to interrupt the downtrend.
Up to now two months, the downtrend continued. On the time of writing, two essential areas have emerged on the worth chart. The $190-$200 space was one, and the $245-$250 was one other. The Relative Energy Index (RSI) was at 57 and confirmed that the momentum may very well be slowly turning bullish.
Nevertheless, till the $250 mark was breached, the longer-term bias would stay bearish. The Stochastic RSI reached the overbought territory and will type a bearish crossover.
BNB- 4-Hour Chart
Supply: BNB/USDT on TradingView
The four-hour chart highlighted the $210, the $195, and the $245 ranges to be essential. Over the previous month, these ranges have been examined as each assist and resistance, and have held up moderately effectively. The vary formation was extra obvious on the four-hour chart. The $210 and $245 ranges have fashioned the vary highs and vary lows, with the mid-point of this vary at $224. The $224 stage was additionally a assist stage.
The RSI oscillated from oversold to overbought, however the market construction has not flipped bullish. This hinted at a spread formation as effectively. Due to this fact, the $245-$250 space can be utilized to promote BNB and the $210 to purchase BNB. The $190-$200 may also see a bounce on a retest.
Supply: BNB/USDT on TradingView
The RSI oscillated from one excessive to a different whereas the market construction remained unchanged. No new increased excessive was set. Such a improvement doubtless indicated a range-bound asset. The On-Steadiness Quantity (OBV) was additionally comparatively flat in current weeks, which indicated the dearth of robust shopping for strain. Nevertheless, promoting quantity has additionally not been as intense in current weeks.
The Superior Oscillator (AO) poked its head above the zero line. The Stochastic RSI was headed upward as effectively.
Conclusion
Altogether, the indications confirmed a slight shift in momentum towards the bulls. This might see BNB climb to the $250 mark, and probably increased if Bitcoin mustered some energy. The resistance ranges on the upper timeframe chart would doubtless be essential within the weeks to come back.
The worth motion and indicators have been extra in favor of a spread than an actual uptrend. Due to this fact, the $250 space can be one to promote BNB at.
