- BNB/USD pair is on a downward fall to the demand zones of $20 and $24 price level
- The market is likely to rise at the demand zone of $24
- On the other hand, if the price is holding at the $27 price level, the crypto’s price may rise
Binance Coin Current Statistics
The current price: $27
Market Capitalization: $4,284,717,901
Trading Volume: $186,252,003
Major supply zones: $32, $36, $40
Major demand zones: $24, $20, $16
Binance Coin price analysis based on August 6, 2019 data
In May, BNB/USD pair reached a high of $36 price level. In June the bulls broke the $36 resistance level and reached a new high of $40. However, the market was resisted at the $40 price level, and the coin was on a descending correction.
The bears broke the supply zones of $40 and $36 price level to reach the demand zones. On July 16th, the downward trend line of Binance Coin (BNB) got corrected at the $24. The bulls took control of price and made an upward move to the supply zone but were resisted at the $32 price level.
Chart Indicators Reading
The upper trend line is a bearish one. If the price of BNB breaks the trend line, and another candlestick is closed on the opposite of the trend line; the coin is likely to rise to retest the supply zones. The lower trend line connects the previous low of May 9 and July 16.
If the bears break the lower trend line, the market will reach the previous low of $20 price level. Meanwhile, the signal line, as well as the MACD line, are underneath the zero line which hints a sell signal. The price of Binance coin rests below the 26-day EMA and 12-day EMA, which implies that the price is more likely to fall.
General Outlook for BNB
BNB/USD pair is dominated by small body candlesticks similar to Spinning and Doji tops that described the indecision between sellers and buyers at the present market price. The price of Binance Coin is consolidating at $27 price level for a possible bullish or bearish breakout. A bearish breakout will compel the crypto to depreciate further while a bullish break out will push the price upwards.
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.