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Why Binance Coin traders must be cautious of this outcome

by Miki 07/13/2021
by Miki 07/13/2021 0 comment

Binance Coin’s price has fared slightly better than most of its counterparts of late. In fact, its weekly gains of 1.90% were the highest amongst the top 10 coins by market cap. What was even more impressive was that these gains were made despite a bearish week for most altcoins.

However, bearish sentiment eventually spilled into BNB’s market as well as the digital asset registered some losses over the last 24 hours. At the time of writing, Binance Coin traded at  $315, down by 4.5%.

Binance Coin Daily Chart 

Source: BNB/USD, TradingView

BNB’s most recent surge came via an ascending triangle breakout which represented gains of 7% from the upper trendline of the pattern. However, the 50-SMA (yellow), which had been trading bearish since 19 May, acted as a resistance line and denied further upside. Interestingly, Visible Range’s POC lay around the $340-mark and clashed with the mid-term moving average line.

Since the breakout, BNB has gradually declined due to bearish cues from the broader market, and its price was unable to maintain above a defensive region of $320. The next support zone rested at the $290-295 mark- a region that clashed with the 200-SMA (green). A close below this level could open the gates for an even sharper decline over the coming days.

Reasoning 

Directional Movement Index’s -DI and +DI lines were in close proximity, while an ADX reading of 18 suggested a weak trend in the market. Relative Strength Index traded in neutral 50 zone but did point south at press time, indicating that downwards pressure could rise moving forward. MACD’s histogram showed that bullish momentum was reducing over the past week. If a bearish crossover develops between the Signal line and MACD line, some more downside can be expected.

Conclusion 

BNB’s defensive line of $295 was bolstered by the 200-SMA (green) and could crunch anticipated losses in the coming days. The region might even trigger a temporary rally but gains would likely remain below the $340-mark. Meanwhile, traders must be cautious of a close below $320 as this could result in another 23% retracement towards the 22nd June swing low of $224.2.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

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      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

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      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

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      12/27/2021

  • Blockchain
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