Binance Coin is falling as this publication is being written, but is this really relevant, or is it just a little search for demand before it continues to rise? To find out, today we will be analyzing the Binance BNB token price graph, in different time frames.
The speed of BNB „is like magic“
Medium-term trend of the Binance BNB token
With the strong rise in prices on the crypto market, Binance Coin has also generated its profits, maintaining a solid trend. However, it has not exploded with as much volatility as other altcoins have.
The $25 is the closest target to the price, and reaching it means encountering a strong obstacle, as it is the area where enough supply was achieved to send the token of the world’s largest exchange towards the 2020 lows.
This can be seen very clearly in the weekly chart. In the image below, he marked within the offer zone in gray, which is located between $24.38 and $27.
With the 8-week EMA and 18-week SMA moving averages crossed in an upward direction, indicating a medium-term uptrend, the odds are in favor of a breakout of this important zone. However, we still cannot rule out that it may first be able to trigger a reversal before continuing with the previous trend.
As long as the $18 support level on the weekly chart remains intact, the medium-term trend remains upward.
If this area is broken, this will be a good sign in the long term, as it may be indicating a resumption of the overall uptrend, the search for the previous high, and even a breakout.
Binance launches new perpetual futures contracts
From the daily chart we can clearly see the solid upward trend that started in July, indicating that in the short term the expectations are positive.
With the arrival of the price in the surrounding supply zone at $23.25, the bears put pressure on and have generated losses of around 8% in the last 7 days.
Today’s candlestick is breaking support at $23.32, indicating that in intra-day weather there has already been a downward transition. However, it has not yet affected the short term trend. It may be nothing more than a search for buyers to continue upwards.
The 8-day EMA and 18-day SMA moving averages are crossing upwards and functioning as dynamic supports.
If these averages are effectively broken, we can begin to think that bears have taken significant control. At the moment, they are not very strong.
The 200-day SMA is also bullish at the moment, supporting the large appreciation of the Binance Bitcoin Rush token in recent months.
If the resistance at $23.25 is crossed, we have as obstacles the daily barriers at $24.45 and $26.42 respectively. The odds are in favor of pursuing these goals.