Binance Coin, the largest cryptocurrency exchange native token in the world, has been experiencing a downtrend. Over the last week, the asset has dropped by 8.5%. Despite a 6% decrease in market capitalization, the volume of the coin has increased by 3.5%. The BNB Chain recently released a detailed year-long technical roadmap at the Revelation Summit. The market is currently active because the bulls have not been able to make it beyond the critical levels.
BNB trades at $301.8 as of the writing of this article.
BNB lit a “Long Legged Doji” candle on 12 May (indicating indecision and possible reversal in a downtrend). The asset showed good signs of recovery after this move and soared to $337. The bulls were unable to push prices higher than the resistance zone between $335 and $355, which saw minor correction. BNB currently tries to grab support at the rising trend line. It must hold and maintain above the support for bulls to resume their up movement. A break below the support would lead to further decline. BNB must sustain and close above $355.
Support 2Support 1AssetResistance 2$260$290BNB$335$355
Bitcoin, Ethereum Cash, and other cryptocurrencies are investments. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The author’s analysis is intended to be used as information only and not as investment advice.
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