Binance has been on a marked upward trajectory for the past couple of days, and the cryptocurrency’s exchange’s native token has been following suit. While other cryptocurrencies have been stuck in a bearish trudge, BNB has slowly but surely started a ramp up on the price charts.
Looking at the 1-hour chart, we can see that the BNB price was slightly recovering after a sudden crash on the 22nd. The downtrend caused the price to fall from $18.49 to $17.8. BB had an immediate resistance of $19.76 and support at $17.76.
The upper Bollinger band and the lower Bollinger band were both amid convergence after a massive bearish breakout.
The MACD indicator was below the MACD histogram. The signal line and the MCD line ran parallelly to each other, which meant that the sideways movement was set to continue.
The one-day time frame projected a bullish atmosphere for BNB, with the price recently going up from $15.04 to $17.81. The immediate long term support was at $14.98.
The Relative Strength Index was in the middle of the graph with a slight dip towards the oversold zone. This meant that the selling pressure had slightly surpassed the buying pressure.
The Chaikin Money Flow indicator was above the zero line. This was a sign of the increased influx of capital into the BNB market.
At press time, BNB was trading for $17.99 with a total market cap of $2.798 billion. The 24-hour market volume for the cryptocurrency was $155.54 million. Binance was also in the news recently when the company joined the governance council of Kakao’s Klaytn Blockchain. Binance CFO Wei Zhou had stated:
“Ground X and its public blockchain project Klaytn share a mutual vision with Binance in fostering and stimulating sustainable growth in the industry and to bring meaningful use cases.”
Disclaimer: The presented information is subjected to market conditions 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.