Binance (BNB) Coin: Uptrend Breakthrough From $500 Price Point May Ignite Long Opportunities
The $500 level constituted important support for Binance Coin increase in both November and December last year. Nevertheless, the downtrend took control of this currency this year, extending the downward rallies underneath $500. Attempting to achieve solid support from the $400 mark may cause the Binance value to return to the previous $500 mark, although this might take some time.
A bearish breach of both the 50- and 100-day moving averages can be seen on the Binance price chart. Underneath the neutral line, the MACD line indicates a bullish crossing. BNB Coin has a twenty-four-hour trade volume of $2.07B, suggesting a 49.5 percent drop.
The Bearish Breach of Both the 50- and 100-day Moving Averages
The BNB/USD pair had crossed a crucial support level of $445 when we featured a story on BNB Coin. As predicted, the bearish attacks persisted, and the value decreased to $400. The BNB coin market was instantly denied by the tremendous demand push from these supports, suggesting an uptrend rebound. This V-shaped market rebound is currently accelerating toward $500 as fresh resistance.
The MACD creates an uptrend rebound between the MACD as well as the signal mark, indicating a buying opportunity for cryptocurrency traders. This latest restoration has recaptured that 200 DMA mark, implying an uptrend. Nevertheless, the chart also indicates a bearish crossing of both the 50 and 100 DMA, indicating that the BNB coin is attracting additional sellers.
Binance Price Being Withheld by Combination of $500 Resistance and Downward Regression Line
The BNB coin presently trades at $492, representing a 21 percent increase from the $400 support level. In addition, the market may shortly face a combined resistance of $500 as well as a long-term downward regression line.
However, a breach from this upper resistance may cause severe denial to BNB’s value and continue the downward rally; it could also provide an excellent bullish chance.
The ADMI has dropped sharply in values, suggesting that this BNB coin’s negative impetus is waning. One further increase in the BNB coin’s value, on the other hand, might trigger an upward rise in the ADX slopes.
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