Binance Coin Price Analysis Updated July 29, 2022

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As the altcoin market reflected a shift in momentum towards buyers, Binance Coin (BNB) reversed its resistance to the two-month trendline. The halt was confined within its inversion pattern for over a month.

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Binance Coin: Now in 5th place

Binance Coin, the utility token of the popular cryptocurrency exchange Binance, currently ranks 5th by total market capitalization traded at around $ 44.2 billion.

BNB has been performing better since the middle of last week, which led to it breaking through the $ 245 resistance level.

This The volume of BNB trading has increased up 65% in the last week, in line with the rest of the coin supply, which is also up 0.06% so far, bringing the total circulating supply to 163.28 million, or around 98, 89% of the total offer of 165.12 corresponds to millions.

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Since losing the $ 320- $ 326 range in early May, BNB has seen a surge increased sales pressure Continuing its journey south, it hit a 16-month low on June 18, and the halt on its daily chart has since moved into an ascending channel.

If the pattern revives any trend reversal, a short-term loss.A bearish result would expose the alt to a potential test of the lower trendline of the ascending channel. Any drop below this mark could result in a retest of the $ 216- $ 219 range.

In comparison, Binance Coin appears to have earned more than Bitcoin. At the time of writing, BNB was trading at $ 269.21, up 22% over the past seven days.

This Relative Strength Index (RSI) The daily price showed a slight bullish advantage as it reversed from its resistance on the trend line. This trajectory confirmed a bearish divergence with the price.

Similarly, weaker spikes in overall volume (OBV) represented a bearish divergence over this time frame, however, the ADX showed an overall weak directional trend for BNB.

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Final comments

Given the bearish divergences in the indicators and the bullish channel pattern, BNB may experience a slight retreat, but a close above the 38.2% Fibonacci level would ignore the bearish trend. In any case, the objectives would remain the same as those discussed.

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