Binance Coin Looks Good; Will Price Make Rounded Bottom?
06 Ottobre 2022 - 12:26PM
NEWSBTC
BNB’s price continues its bullish structure after a reclaim of this
region as the price stays on track to reject major
resistance. BNB trades above key support as price
reclaim 8 and 20-day EMA. The price of BNB aims to form a rounded
bottom on the daily timeframe. Binance Coin (BNB) has
continued to look more decent in terms of price action against
tether (USDT) after reclaiming a bullish structure. Binance Coin
(BNB) has had a favorable response as the prices of altcoins and
the crypto market look to bounce from their key support areas, with
BNB price looking more stable for a retest of key resistance at
$337. (Data from Binance) Related Reading: SAND Has Just Been Added
On Binance US – Will It Hit $1 In The Coming Days? Binance Coin
(BNB) Price Analysis On The Weekly Chart. Despite struggling to
hold its key support at $270 with the market filled with so much
uncertainty about where it is headed, the price of BNB showed great
strength in that region. It is no doubt the price of BNB
continues to show great signs of recovery and has surpassed the
return on investment (ROI) for major cryptocurrencies despite
having a massive drop from a region of $660 in recent months.
The price of BNB rallied in recent weeks to a region of $340 but
was faced with rejection as the price dropped from the bullish
structure it had formed. The month ended with a new belief for
recovery, and BNB has spearheaded this as the price moved from $270
to a region of $298 as the price prepares for major
resistance. BNB’s price needs to break and hold above $350
for the price to resume more bullish scenarios to a region of
$400-$450. If BNB gets rejected from $340, we could have a retest
of $300-$290 support to hold the price from sell-off. Weekly
resistance for the price of BNB – $340. Weekly support for the
price of BNB – $290-$270. Price Analysis Of BNB On The Daily (1D)
Chart On the daily timeframe, the price of BNB continues to look
strong as the price aims to complete its bullish pattern of rounded
bottom on the daily timeframe. If BNB completes this structure with
a breakout, we could see the price rallying to $400 and even more.
The price of BNB currently trades at $295 above the 8 and 20-day
Exponential Moving Average (EMA). The prices of $290 and $280
correspond to the prices at 8 and 20-day EMA for BNB on the daily
timeframe. Daily resistance for the BNB price – $340. Daily support
for the BNB price – $290-$270. Onchain Analysis Of BNB The price of
BNB from the on-chain analysis looks more decent despite the market
sentiment still being bearish. BNB produced a reasonable one-month
return on investment (ROI) of 12% compared to other crypto assets
that have struggled for the past months. Related Reading: TA:
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