- Major support zone: $15.30
- Major resistances: downsloping trendline at $17.25 and confluence of two Fibonacci levels at $21.19
- Upside potential: breaking the declining trendline and reaching the first resistance at $21.19
- Downside potential: getting rejected by the trendline again, stooping back to the local bottom at $15.30
Crypto is an up and down game—and today’s been a down day for Binance Coin. However, the losses have been minor – 1.48% loss to USD and a tiny gain of 0.14% over bitcoin.
BNBUSD Price Analysis
BNB is still one of the scarce altcoins that actually outpaced bitcoin in the last 12 months, growing 35% then the crypto king itself.
However, the broad market shift and downturn took its toll on Binance coin as well as the coin has been in a downward spiral since June. Right now, BNB is hitting the downsloping trendline at the $17.26 height. The trendline was formed back in June and it is of utmost importance to break this resistance, otherwise, we might see another nosedive to the support levels at $15.30.
On the lower timeframes, it appears that BNB is losing this battle and dropping on a lower volume. Currently, its EMA20 is acting as a support zone.
Read our updated review of Cex.io exchange here.
Binance’s sentiment score, measured by the market analytics firm Omenics, paints a neutral picture.
Omenics wraps its analysis up into a single simple indicator known as the SentScore, which is formed from the combination of five different verticals:
- Social Media
- Technical Analysis
Interpreting the SentScore’s scale:
- 0 to 2.5: very negative
- 2.5 to 4.0: somewhat negative zone
- 4.0 to 6.0: neutral zone
- 6.0 to 7.5: somewhat positive zone
- 7.5 to 10: very positive
Read our updated guide on best cryptocurrencies to mine.
BNB currently has a Sentscore of 4.9, a slight drop from the 5.0 it had couple of days ago. Overall, Binance coin is pretty much average on all counts measured by the platform, falling in line of the overall market conditions and mood status.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com