Binance coin looks for a new support level to end the bearish spree since it was declining dramatically since yesterday. After the price pullback at the end of April, the coin tried to recover but the recovery was stopped for now. Following the latest BNB coin news, we see that it is trying to find a new support level to rebound again and to resume the uptrend.
While the bears are enhancing for the asset, the current market denies providing positive signs of an increase. The BNB coin saw a volatile span lately since the coronavirus pandemic started which heavily affected the economy. It seems that this month Binance coin will face some serious ups and downs. Binance Coin looks for a new support level since the price formed an impulse pattern of decline above the $17 level.
The Binance coin opened a bit higher as it was compared to the price trend today. After the coin traded above the $17 level, it traced an impulse pattern that is getting dragged below. It has already traded below the key support level of $17 and now Binance Coin is consolidating around $16.03. BNB/USD traded in the bearish zone while still holding a negative technical element. All of the measures are showing that the coin is going through a lot of bearish pressure. The RSI of the coin is still at 41. In the meantime, the moving averages are also in the negative zone while the Binance coin strongly holds in the bearish bias.
Back in December of 2018, we reported that Binance Coin (BNB) was one of the coins which every long-term investor should have on their radar. Back then, the coin was valued at approximately $4, and in March 2019, things changed as BNB broke records and arrived to a value of $39.70 in June of 2019. In the past weeks, we have also been analyzing the Binance Coin news and can now see that there are three major reasons to be bullish on this coin. Below, we are listing all of them.
The Binance Chain community recently released a whitepaper outlining the entire implementation of Smart Contracts on the blockchain. the team at Binance carried out one of the largest coin burns in the history of crypto. The Binance news shows that this was the 11th quarterly coin burn at the exchange and a total of 3,373,988 BNB were forever removed from circulation.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post