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BNB/USD’s attempt to correct the price action to the upside has hit a snag. At this point, the price may return to the lows of 256.60 before correcting upwards.
Binance Coin Analysis Statistics Information:
BNB price now: $276
BNB market cap: $44.95 billion
Binance mobile supply: 32.24 billion
Binance’s total supply: 161.34 billion
BNB’s Coinmarketcap Rank: #5
In today’s analysis, we will examine the BNB/USD market, and expand our scope to the BNB/BTC market. This is done in hopes of finding suitable entry points and better market awareness in these interconnected markets.
Important price signals:
Resistance signs: $276, $300, $330
Support signals: $250, $230, $200
BNB bulls may weaken, TAMA goes straight on OKX
With the price action on the way down to $265.60, buying activity continued in the BNB/USD market, and it tried to increase the price to $282. Therefore, price action is now trapped between the 9 and 21-day moving averages. At this point, we witness a slight retracement towards the 265.60 Fibonacci level. To confirm this downward correction, the Stochastic RSI shows a small correction at the 50% level in the direction of the fast RSI line. Traders can consider this level as a buy point as the price can rise from here.
Binance price estimate: BNB/BTC may also bounce back down.
Going by the last candle on BNB/BTC, it makes sense for us to anticipate a downward trend. Here on the chart we can see the doji as the last candle. Additionally, the RSI has reached the 99.91% level, and at this point, we can see some downward trend.
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Furthermore, traders can expect the price of Binance Coin to move sideways in the price range of 0.014912 and 0.013564. Therefore, long-term traders who bought this pair at the 61.80 Fibonacci level can shoot.
In other altcoin news, Tamadoge, a deflationary meme coin and ERC-20 token, will have an initial coin offering (IDO) on OKX. TAMA is set to list on September 27 at $0.03.
Tamadoge – Meme Play to earn coins
- Get TAMA in battles with Doge’s pets
- Sealed Supply of 2 Billion, Token Burn
- Presale collected 19 million dollars in less than two months
- The upcoming ICO on the OKX exchange
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