The price of Binance Coin is right now under heavy pressure, but cryptonews analysts believe that it is ready to sustain it and retrace to new heights. BNB remains bullish on the hourly chart but the bears may take over if the price drops below the ascending broadening wedge, reports show.
Over the past few weeks, the Binance Coin news showed that there has been a substantial growth which led to the cryptocurrency surging above $20 following a recent price break The performance of BNB has created a bullish sentiment which positioned the market for an incoming bull run.
Meanwhile, Binance Coin is the seventh largest cryptocurrency and just like that, it is definitely able to retrace for the next bullish swing. If we look at the hourly chart, we will see that Binance Coin is trading above $20 which is a price that was broken a couple of days ago.
Right now, bearish pressure is surrounding BNB – and buying pressure is expected to continue in the next couple of hours. Going back to late September low on the daily chart, we can see that the BNB trend looks reversed.
Over the past two days, the price of Binance Coin is trading under due to the short-term corrective pullback.
buy cialis professional generic https://yourcialisrx.com/cialis_professional.html over the counter
Analysts believe that if the bulls regroup well, Binance Coin could reach $21.6, $23 and $24.
Otherwise, the bears may step back and trigger a situation full of price drops. In cases like these, the BNB/USD pair could fall from the wedge boundary and drop to $20.5, $20 and $19, accordingly. One crypto trader noted that the “moon” is likely the target once BNB surges above the current range.
once BNB break this 2 week range its gonna moon.
just saying 🤷♀️ pic.twitter.com/nHA6nJjqh5
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) November 13, 2019
Binance Coin is definitely in a weak momentum, but the coin managed to see bullish gains. Even though it is likely to see a pullback in the short term, the long term outlook remains promising.
However, if the market slumps below the wedge, we could see a price of BNB dropping as low as $19 before initiating a new bullish trend. Bullish trend continuation is expected once the market finds support on the wedge’s lower boundary.
At press time, Binance Coin is trading at $20.39 with a 2.65% decline on the day.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post