The first week of October seems to have brought fervent activity to the market as cryptocurrency prices entered a bull/bear flux. Altcoins moved along the bull axis before it was rudely interrupted by the bear’s swirl. As Bitcoin held its own above the 50k mark, the altcoin industry had its crests and falls too.
One of the major altcoins suffering under the bear’s crunch was Binance Coin [BNB]. The Changpeng Zhao led cryptocurrency witnessed a 4.8 percent drop in value over the previous 24 hours to trade at $423.3. Binance Coin’s market cap fell to $70.6 billion while the daily trading volume clocked at $1.64 billion. Even though the daily rate was bearish, the cryptocurrency held a strong standing in the weekly spectrum.
Binance Coin 1 hour:
The third largest cryptocurrency on the charts had a wild week after reclaiming the third spot and hitting the bear wear. Binance Coin’s immediate support was at $412.2 after a tumultuous price action week.
Relative Strength Index: BNB’s graph climbed into the oversold threshold after a change in user sentiment. The graph is expected to climb more if more people hold onto their assets.
Chaikin Money Flow: The climb allowed BNB to tick above the zero line, indicating a shift in capital movement. A positive turnaround signified more money coming into the Binance market.
MACD: The signal line and the MACD line fell to the bottom of the graph after diverging from the confluence. Even the histogram moved into the red zone after the bear’s arrival.
Binance Coin 1 day:
In the long term, Binance Coin struggled to hit earlier highs with the daily support at $327.6. The bottom of the graph was higher than earlier thresholds.
Chaikin Money Flow: The sporadic movement on the charts settled with the graph moving towards the zero line. A rescued capital flow may lead to further disparity among the time spectrums.
MACD: Unlike it’s hourly counterpart, the indicator moved upwards as the histogram surged towards greener pastures.
Relative Strength Index:The RSI was closer to the overbought zone than the oversold zone as user interest piqued in the long term. Fans of the cryptocurrency would want it to replicate it’s daily performance on the hourly charts.