- The price of BNB/USD pair stands above the $30
- Bulls have assumed control of the market on a technical short-term
- Binance Coin is indecisive on the technical RSI as MACD signals a buy
After Bitcoin, Binance Coin is next amongst the top cryptocurrency projects which have demonstrated an exciting performance during the past months bull rally. The BNB token has seen a price growth to $42 after breaking the $11 all-time high in early March.
Following the late June correction that faded the price to $23, trading has recently bounced back above the $30 before a slight drop to the current price. However, the BNB/USD pair is now following a bullish sentiment on the hourly time frame.
BNB’s Current Statistics
Trading Price: $30.37
Market Capitalization: $4,803,730,666
Trading Volume: $393,803,367
Key resistance levels: $33, $36, $39, $41
Key support levels: $28, $26, $24, $20
Binance Coin (BNB) Price Analysis for July 22, 2019
The volume is rising back, and as we can see, the BNB/USD pair has resumed bullish as the buyers step back into the market on a technical short-term. Following the buying volatility in the market, the price of Binance Coin is likely to boom to higher prices at $33, $36, $39 and $41.
At the moment, trading has reached a psychological level of $30 due to a slight price rejection from the bear sides. If the above price level breaks low, the market may fall back to the previous supports at $28, $26 and $24, where the white rising trend line is drawn. Furthermore, a surge below the trend line may floor price at $20.
On a medium-term perspective, the BNB/USD pair is technically on a downtrend, trending on higher highs and higher lows. The technical indicators’ reading is currently positive.
Binance Coin (BNB) bulls, however, have shown commitment to the daily time frame. As it stands now, the recent price increase is yet to be considered bullish on a long-term.
Conclusively
If the bulls can keep sustaining the price of BNB to the critical resistance levels like we have mentioned earlier; the market will regain strong bullish momentum. Otherwise, the sellers may release pressure back in the market.
Technical Indicator Reading
The daily MACD has turned bearish following the past weeks of decline. Now, the indicator is preparing for an uptrend with the recent price surge in the market.
RSI for Binance Coin is now leveled at 50 after rebounding at the 30 level. The market is indecisive at the moment. A notable break above the 50 level will take the price higher.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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