Key Highlights
- The native coin of Binance exchange (BNB) is fluctuating between the $24 demand zone and the $32 supply zone
- The $24 demand zone was the previous low of April as the market rebound after testing
- BNB price may have price breakout as the market trades in a tight range.
Binance Coin (BNB)’s Current Statistics
The current price: $28
Market Capitalization: $4,380,116,074
Trading Volume: $227,736,284
Major supply zones: $36, $40, $44
Major demand zones: $20, $16, $12
Binance Coin Price Analysis August 20, 2019
On June 20, Binace Coin was trading at a high of $40 supply zone. However, after the market had fallen to the low of $24 demand zone, it commenced trading between the supply zone of $32 and $24 demand zone. While in a range the crypto’s price had tested the $32 supply zone without breaking it.
If the bulls had succeeded in breaking the $32 supply zone, the cryptocurrency’s price would have surged to retest the $40 supply zone. Nevertheless, if the bears break the $24 demand zone, BNB price may as well depreciate to the lows of $18 or $20 demand zone. We are likely to see a price breakout as the market trades in a tight range.
Chart Indicators Reading
The lines of MACD are below the zero lines which give us the signal that we are to sell Binance Coin. In between the $32 supply zone and the $24 demand zone, we have the moving averages sloping horizontally. This implies that the BNB price is in a sideways trend.
Besides, if the price breaks the lower trend line on the lower swing low, the market may further depreciate. Similarly, if the price breaks the bearish trend line, the market is likely to rise.
General Outlook for BNB
We expect the BNB/USD pair to continue its range, but it is likely to have a price breakout as it trades in a tight range. The $32 supply zone or the $24 demand zone is expected to be broken as the crypto trades in a tight range. If the $32 supply zone is breached, Binance Coin will appreciate. Conversely, the market of Binance Coin will depreciate further if the $24 demand zone gets broken.
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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