• A clear break at $32 will bring the price of BNB to higher price levels
• The BNB token is showing a positive sign on the technical indicators as it formed higher highs and higher lows pattern
• Binance Coin is carving an inverted Head and Shoulder pattern while trading within in a complete medium-term falling channel
Binance Coin is now at a fractal point following the past few days of decline which led the market to a recent low of $27.6 from where we saw a small price growth to $30 market.
Currently, the token has dropped to around $29.1. If the bulls can further push the market to $32, we will have a complete inverted Head & Shoulder pattern which has been constructing since July 8 along with the four weeks falling channel formation.
BNB’s Current Statistics
Trading Price: $29
Market Capitalization: $4,593,403,698
Trading Volume: $273,999,601
Key resistance levels: $32, $34, $36, $38
Key support levels: $27, $26, $24, $20
Binance Coin Price Analysis for July 25, 2019
On the 4-hour chart, the BNB market is now showing some sign of a short-term bullish trend after spotting an inverted Head and Shoulder pattern today, which is just about to reach completion on the right shoulder.
A five days pullback has reconstructed the market to a weekly low of $27, from where we saw a bullish reaction. We can expect a further rise to $34, where the neckline is drawn before price surges to $34, $36 and $38.
From a technical standpoint, the BNB bears are getting weak. Nevertheless, the $26, and $24.1 may provide support for the market if the selling pressure surpasses $27, where the Right Shoulder lies. A breach beneath the Head may floor price at medium-term support of $20 and rolling the BNB/USD pair back in the channel formation.
Now that the market has projected a completing inverted H&S pattern, we can expect the price of Binance Coin (BNB) to go up if traders continue to an extended position. In the opposite direction, a bearish rally may turn the pattern false as price may as well fall back to old channel formation as mentioned above.
Technical Indicator Reading
MACD is rising back due to the last 24-hours price increase. A clear climb to the positive would bring the token back above $30 as we can expect further price levels to play out.
RSI is maintaining higher highs, and higher low pattern as the Binance Coin price currently test the 46 level. The token would rise back as soon as the buying pressure continues.
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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