If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author will not be held responsible for information that is found at the end of links posted on this page. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. It also does not guarantee that this information is of a timely nature. #BINANCE PRICE FREE#FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. You should do your own thorough research before making any investment decisions. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Information on these pages contains forward-looking statements that involve risks and uncertainties. In the following video, our analysts deep dive into the price action of Binance Coin, analyzing key levels of interest in the market. Santiment's Price, Circulaiton, and Actve Wallet Address Indicators Currently, BNB has 21 million tokens in circulation, a supply last witnessed in 2020 when BNB traded at $14 just before the infamous 5x rally by 2021. If the BNB price does fall to $220, traders may want to consider dollar cost averaging some BNB for the long run, as the on-chain analysis still shows significant lock-up of the decentralized exchange token. A Fibonacci Projection level using the previous swing highs in August and swing low in September shows the bears could induce a seller's rally towards $220 if the technicals are correct. Thus traders should be cautious as Binance Coin should be more bearish in the short term than meets the eye. BNB will need to rally impulsively, (presumably near the $350 order block) to show the technicals necessary to invalidate the bearish thesis. Lastly, the Volume Profile is still less than the previous uptrend, which was far fewer transactions than the declining rally that brought BNB into the current range. The BNB price breached through an ascending parallel channel that the bulls are currently retesting. The Relative Strength Index shows the downtrend breached through the definitive line in the sand that would constitute a market bottom. However, the Relative Strength Index paints a different picture of what is going on.īinance Coin currently auctions at $287. The bulls have hurdled both the 8-day and 21-day simple moving averages, which is likely to entice sidelined traders to enter the market. Binance Coin points southīinance Coin price has been trading within a congested zone throughout September. Invalidation of the bearish thesis is a breach above $350.īinance Coin price could be setting up for another decline.The RSI has space to climb but broke through support on the last pullback.Binance Coin has ascended with a lower volume than the previous decline.
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