BNB, the native token for Binance, is a highly-valued asset that has a market capitalization in excess of $43bn. Although the token rallied ahead the July 27 Federal Open Market Committee meeting was scheduled, the anticipated 75 basis point rate increase might end the current rally. This is still to be seen. In the last 24 hours, the volume of the asset increased by 66%. BNB has recovered from the SMA ($239) of 50 days on July 26, suggesting that bulls are trying to convert this level into support.
BNB traded at $268 as of the writing date
After hitting a low of $183.4 in June, BNB has shown signs of recovery and rallied almost 49% to $274.8. The asset trades in an “Ascending Channel”, where the lower trendline acts like a strong support while the upper channel’s trendline acts like a resistance. BNB faces strong resistance at $275, which is the Horizontal Trendline. To further rally, it must break above the resistance with high volumes. If it breaks the lower channel trendline, prices could drop to $215.
Support 2Support 1AssetResistance 2$ 215$ 23BNB$ 275$ 300
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, correctness, completeness, reliability, or fairness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in crypto assets viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
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