The Binance coin market valuation analysis shows that BNB/USD pair has been going into a retracement mode and the pair is likely to retrace for any fake downside pressures around the $20 level since the SMA trading tools indicated the same zone as the crucial trading line as per the binance coin analysis news that we have today.
The Binance Coin market valuation against the US dollar has been on a huge retracement mode for a few weeks now until the time of writing. The US dollar has continued further to push the value of the cryptocurrencies downward to trade about the $20 price point. In the recent past, the BNB/USD pair trading was going over $25 price level and the crypto, in the long run, lost momentum and is now trying to see the market to obtain another higher mark. The downward pressures have not been on the higher note and the pair is likely to retrace into any fake downside pressure.
Over the same time, the BNB/USD trade was recording a huge line of tactic declines in the price. The 50-day SMA trend-lines underneath the 14-day SMA trading index. The smaller SMA is a little bit positioned to the southward and over the biggest SMA will show some of the extents that the currency pair is holding into a bearish position. The Stochastic Oscillators also moved into the oversold territory and they seem to commence a new consolidation phase soon. This signifies a huge warning to be patient.
There was a continuous slow movement in the BNB/USD market which has led to witnessing a lot of sequential and range move arrangements while the SMA trading tools have positioned to a new indication of the $20 price point as a crucial trading line. The crossing of the 50-day SMA by the smaller SMA from the top could cause another sell-off to the price zone and will see a low value that will average a demanding zone close to the $10 afterward.
The most crucial thing here is that Binance Coin has fallen toa two-week support of the channel which indicates a potential retracement. If Binance Coin does not succeed in the retesting of the resistance area, a steep drop can trigger a huge dump. When we look at the 4-hour time frame, the BNB/USD pair is under a strong bearish radar with an ongoing huge sell. However, the bearish pressure should be exhausted any time now at the demand area of $18.3.
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