Binance Coin (BNB) Bulls Show Interest, But Bearish Trend Remains Dominant

Credit: Pixabay

  • Binance Coin’s trading would continue to remain in a downward range until a channel break-up occur
  • The price of BNB has seen a 6% growth under 24-hours, but the bearish trend appears healthy on a medium-term outlook.

Binance Coin has continued to carry a downward trend after a dramatic roll back from $40 in mid-June. In overall, BNB token has witnessed an over 50% price loss since trend reversal set into the market, currently leveraging at $20 support. BNB is approaching the May low and is in a midterm bearish. Meanwhile, the price has seen a sharp rebound after marking support at $20.

Still, Binance Coin remains the 7th best-performing cryptocurrency by market cap and now correcting gain at 6%. However, the token is currently showing some positive signs, indicating a buying pressure in the market. The price of BNB may head back downward as soon as the market signals a short move.

BNB’s Current Statistics

Trading Price: $23

Market Capitalization: $3,578,475,304

Trading Volume: $248,883,636

Key resistance levels: $24, $25, $26

Key support levels: $22, $21, $20

Binance Coin Price Prediction for September 5, 2019

Taking a look at the 4-hour chart, Binance Coin is trading in a descending channel pattern over the past four weeks now. Nevertheless, BNB is keeping to its mid-term bearish trend, which is quite dominant and bias. However, the recent price surge has made the market to trade around $23, near the channel’s upper boundary.

BNBUSD, 4H Price Chart – September 5, 2019

Considering the pattern formation, $24 is the next critical level of resistance. Similarly, the $25 is a breakout to $26 level. If a price rejection occurs at the channel’s upper boundary, the price may slump back to $22, $21 and $20 supports. On top of that, the BNB/USD pair is pretty playing bearish on the higher time frame at the moment, while the lower time frame is currently displaying a bullish trend

Conclusively

Binance Coin has been captured in a descending channel pattern over the past weeks, reflecting a robust bearish swing. If a channel break-up occurs, BNB is likely to reverse the trend and launch a bullish run.

Technical Indicator Reading

The RSI for Binance Coin is rising near the 70 level, which indicates the recent price influx in the market.

The Stochastic RSI has managed to climb back above the oversold level, suggesting that the bulls are coming up.

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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Michael Fasogbon: Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.