Binance Coin Price Analysis Updated July 29, 2022


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.

Before continuing, we recommend that you only play on safe and legal platforms such as eToro, where you can open a simple real money account and that’s it only 50 Besides, you also have the demo and copytrading functionality.

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.

Read more:  El inversor de mil millones de dólares acaba de nombrar Bitcoin Floor después de una caída en picado del precio de la criptomoneda de $ 1 billón que impulsó a Ethereum, BNB, Solana, Cardano y XRP

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.

Read more:  Aparte de su correlación con Bitcoin, Binance Coin tiene esto a su favor

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.

Before concluding, let us inform you about investing in cryptocurrencies eToro remains the most reliable solution. It is actually from a fully legal broker which holds the licenses of official European financial institutions, as well as:

  • has low deviations;
  • has a free demo account to try the platform with virtual money;
  • presents the CopyTrading function to copy the most suitable investors for you.

Sign up for eToro now by clicking here

Click to vote!

Finanzas News