Home Cryptocurrency Binance Coin thrusts $308 resistance into $330 zone

Binance Coin thrusts $308 resistance into $330 zone

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In the wake of a major bull run, Binance Coin has experienced a sharp rise in value, hovering around double digit figures, but it looks like things are about to get interesting. As of this writing, $308 is the current price point for Binance Coin, but this is still just a temporary high that is set to be replaced by a lower price point sometime in the future. For now, Binance Coin is in a zone of resistance, a zone where the price is determined by the level of demand for the coin.  Right now, demand is way above supply, which is why Binance Coin’s price is hovering around $308.  All of the Binance Coin trading volume is going through Binance,

Binance Coin (BNB) broke through $308, a level of resistance it had been stuck at for months, pushing to a new all-time high on Monday. With strong support at $308, we think the coin can keep climbing until it pushes through $327-335, a zone that’s been holding the coin back for months.

Summary of the situation

  • Binance Coin managed to exceed yesterday’s target of $330.
  • Traders now expect the price to fall on the 50-day SMA to $341.
  • Barclays Bank stops all credit/debit card transactions on Binance.

Binance currency price analysis: Price Overview

Binance Coin managed to beat yesterday’s price target on the 4-hour frame of the daily chart after breaking above $330. The listed coin opened the daily chart at $318 and activated three white soldiers at the $320 price level. It corrected slightly and then reached a daily high of $333. In a bullish move, the currency has broken several resistances in the span of two days. The bulls appear to be stubbornly trying to undo the bearish momentum that set in earlier this week.

Ideally, traders expect a rise above the 50-day simple moving average at $341, increased buying volume and a continuation of the advance towards $433. On the other hand, rally traders, short-term swing traders and day traders are likely to exert downward pressure on closing positions.

One important piece of Binance-related news is that the British bank Barclays has stopped transferring funds.  The bank has announced that it will stop all credit/debit card payments on Binance to protect its customers. The decision comes days after the financial regulator banned Binance from offering digital investment products without having obtained the appropriate licenses.

Binance currency price movements over the past 24 hours

Binance Coin’s price analysis on the daily chart is currently bullish. The price broke above the 50% correction level of the FIB at $321 on the 4-hour chart. As a result, a small bearish structure that started at $308 has become invalid. At the time of writing, Binance Coin has already created a support floor around $310 and $315. Any pullback will correct between the two price ranges before a new rally begins in the $340-$350 range.

The RSI indicator drops below 40 in overbought territory, suggesting an upward trend. The RSI has also bounced out of the neutral zone and could remain oversold or return to the neutral zone.

The diverging converging moving averages have marked a bearish trend line on the hourly chart and are hovering in negative territory. This indicates bearish weakness and the likelihood of a flattening of the current uptrend.

The Binance Coin daily price analysis range is moderately tight today, meaning there is moderate volatility between the $318 intraday low and $336 intraday high. The market’s volatility index continues to point to high volatility for the next few sessions.

Source: TradingView

Binance currency 4 Hours Chart

At the time of writing, the Binance coin is trading at $333 to the US dollar. The price represents an 18% gain from yesterday’s low at $298 and is 3 points below the 50-day moving average.  There is a breakout from $335 to $332 on the hourly chart, but a deeper drop below $330 is not likely in the near term.

Binance coin price analysis Conclusion

Binance Coin has just broken through its weekly target at $330 and is now heading into the $340 price area. Cops are strong, and they get away with it. Sellers tried to stop yesterday’s uptrend at $308, but the bulls were able to absorb the selling pressure and send the price towards $330.

Denial. The information provided in this Binance coin price analysis does not constitute trading advice. .com is not responsible for any investments made based on the information provided on this page. We strongly recommend that you conduct independent research and/or seek advice from a qualified professional before making an investment decision.

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