After a recent run, Binance coin (BNB) prices are struggling to maintain momentum. The Binance cryptocurrency exchange – which issues BNB – recently launched a new USD/BNB trading pair, aimed at improving liquidity and opening up BNB to a wider base of investors. 2018-04-15
Most of the time, it is a good idea to avoid trading directly against the trend. This is because the trend represents the strongest force in the market. In the case of BNB, the trend is down. This means that, in general, the strongest pull on prices is downward. But, it is not always appropriate to trade against the trend, especially when there is a strong support around the current price. For instance, we can see that BNB is currently trading at $500. This level is the support against the trend.
Cryptocurrency exchange Binance Coin (BNB) has plummeted in recent days. The coin, which is also known as BNB, has fallen by more than 20 percent over the past seven days and is down by 60 percent from its all-time high of $24.47. The Binance Coin is down by around 10 percent on the week, and it is currently trading around $700. The coin is ranked 11th on the market and has a market capitalization of around $1.7 billion. In addition to the fact that BNB has struggled as of late, it could also pull back further below a key technical level. The technical analysis charts for Binance Coin indicate that the cryptocurrency could sink below support at $. Read more about binance coin price prediction and let us know what you think. Binance Coin (BNB) is currently in a downtrend and is likely to fall below key support at $506 if the market continues in this direction. The cryptocurrency market has lost billions of dollars in recent days, and some cryptocurrencies are still trying to recoup their losses. Bitcoin and Ethereum have gained less than 1% in the past few hours. However, BNB, the third largest cryptocurrency by market cap, is still trading in negative territory. Despite the recent decline, the NBB has performed well over the past year and some analysts and experts believe it will soon recover and rise again. It will be very interesting to observe the dynamics of $ETH / $MATIC and $BNB over the next 5 years. Here is their performance over the past year:$ETH – 1.551%$MATIC – 9.567%$BNB – 3.124%. – Dave Craig ⚡️ (@davecraige) May 18, 2021
While the NBB has performed well over the past year, the short-term performance has been underwhelming. BNB has lost 16% over the past seven days as it struggles to stay above the $520 level. The bears are in control of the market, which can be clearly seen on the 4-hour chart of NBB/USDT. Chart four hours of BNP/USDT. Source: Coincide BNB’s 100-day simple moving average of $619 is above the current price. Other technical indicators, including the RSI (40.83) and the MACD line, are also in bearish mode. If the current trend continues, BNB could fall below the important support level of $506. A prolonged downward move in the market could push BNB below $500. However, BNB has solid support at $499, which will be difficult for the bears to break. Binance Coin may need general market support to break out of a downtrend. If the bulls take control, the NBB/USDT pair could break through the first significant resistance at $523. This would give BNB a platform to try and hit the next resistance at $569. This will help to make up for the losses of the last few days.Binance Coin (BNB) is currently at $505.25-506.20, sliding against the USD after it fell below support at $499. It has a market cap of $2,845,731,851 with a volume of $114,431,100. The coin is -0.62% against the USD and -2.92% against Bitcoin. ~CryptoClubOC. Read more about can binance coin reach $10,000 and let us know what you think.
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