Binance Coin (BNB) Price Analysis: No Power To Break A Long-Running Resistance

Fibo Quantum

  • 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.

BNB is currently sitting at the 8th spot of cryptocoins, ranked by market cap with total capitalization of $2.6 billion and 24 hours trading volume of $236 million.

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.

https://www.criptomercados.net/wp-content/uploads/2019/10/binance-coin-bnb-price-analysis-no-power-to-break-a-long-running-resistance.com

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Social Metrics

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:

  1. News
  2. Social Media
  3. Buzz
  4. Technical Analysis
  5. Fundamentals

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
https://www.criptomercados.net/wp-content/uploads/2019/10/binance-coin-bnb-price-analysis-no-power-to-break-a-long-running-resistance.com

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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.

 

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