Binance Coin Price Level Sees Bearish Downtrend At $6

The Binance coin price level sees a bearish downtrend and it fell below the $7 price point. The cryptocurrency is now trading within a priced range of $6.416 and the coin was priced above the $16 mark before the start of the day as per the Binance coin news.

Just a few days ago, the Binance coin price level saw trading within the $16 price range and the cryptocurrency later continued on the bearish momentum further. The downtrend slope continued until the coin saw another bearish movement and fell to the $11 price point before noon. The cryptocurrency traded close to the $12 level until it got closer to the end of the day when it saw a further decline to the $9 mark. After the closure of the day, the cryptocurrency dropped to the $7 price level and is now trading at $6.886.

The 20-day Exponential moving average closed the day at $7.171 while the 50-day moving average stands at $8.036. The RSI or the Relative Strenght Index stands below the 50.00 level at 37.68. As previously reported in our DC Forecasts news reports, The binance coin price got to the $21 price level as it was observed the Thursday’s trading session. The cryptocurrency traded within the $20.601 and $21.777 range but is right now accumulating close to the $21 mark.

On March 6, the 20-day exponential moving average (EMA) was seen during the closing of the $21.077 mark while the 50-day Moving average (MA) was closed at the 20EMA which is about $21.080. The relative strength index also reached a  daily high of 86.61 but it is now standing at 48.43. Binance Coin was ranked at the 9th position cryptocurrency as per the list of the top cryptocurrencies by market cap. Right now, Binance Coin has a market cap of $3,294,659,024 USD.

In addition to this, the Binance Coin news now shows that from a trader’s perspective, the Binance Coin leveraged tokens are normal spot assets. That said, with BEAR and BULL tokens on Binance (BNB), users can enjoy the profitability of margin trading with no need to manage collateral, margin or liquidation prices. As previously reported in the news, one week ago similar assets went live on the Binance decentralized exchange (DEX). Unlike the ERC-20 BNBBULL and BNBBEAR tokens, leveraged assets on Binance DEX are issued on the Binance Chain as BEP2-versions of the leveraged contracts.