It is evident for everyone to see how most of the cryptocurrency markets remain rather volatile. That is only to be expected after seeing how hard the Bitcoin price continues to struggle this week.
Among altcoins, the Binance Coin price is of great interest to traders. It has noted strong gains in the past 30 days, yet faces some bearish pressure this past week.
Binance Coin Price Trend Buckles
A month ago, one BNB was valued at just $13.82. The value continued to drift lower in the following week, prior to the momentum turning around completely. Today, that same BNB is worth $17.78. A prominent increase, albeit it is somewhat to be expected. Binance is the biggest exchange in the world, after all.
Following this Binance Coin price momentum, it appears that this week provides more volatility. Especially the past seven days have yielded numerous lows and peaks. For traders, this creates many opportunities to take advantage of. Even today, there is a fair bit of volatility for scalpers.
With plenty of trading volume to go around, the Binance Coin price may continue its uptrend. Most of the volume comes from P2PB2B, Binance, and MXC. Interestingly enough, BNB/USD is the most liquid market, following by BNB/USDT and BNB/BTC.
BNB/USDT Technical Indicators
Bollinger Bands: For BNB, the 4H charts paint a very interesting picture. The Bollinger Bands are not narrowing yet, primarily because there is sufficient liquidity. While the current candles indicate a downtrend, the price should not drop below $16.81. It is also evident that the previous support level of $18.2949 acts as tough resistance right now.
The current Binance Coin price uptrend has been rejected three times at this level already. Surprisingly, the downtrend following this rejection hasn’t been all that steep either. For now, BNB remains relatively range-bound, yet breaking this resistance level will remain a key challenge.
Moving Averages: The MA50 appears to be crossing over the MA20 again, which hints at further bearish or sideways market action. That is only normal after being rejected three times at the resistance level. A bearish crossover of this kind doesn’t mean the BNB value will collapse entirely.
However, it will put some strain on the $16.81 support. For now, this level seems to offer a bouncy platform, although that situation can easily change.
RSI: Looking at the RSI, the current Binance Coin price trend may be in temporary danger. The RSI is dropping off steeply, albeit this momentum can reverse course fairly quickly. For now, it seems that the downtrend will continue a little while longer. How low the price will end up going, will primarily depend on Bitcoin.