Binance Coin Eyes $316, After Being Stuck At $276 In The Last Week
September 02 2022 - 7:03AM
NEWSBTC
Binance Coin is looking to retest and push its limits to surpass
the $300 mark to tap on liquidity. Binance Coin sets eyes on $316
BNB price currently trades at $278.40 Resistance spotted at $287 to
$295 range Bitcoin has encountered intense selling pressure that
triggered its dip to $19.5k and retesting the $20.4k zone for
liquidity. Moreover, BTC has grappled to fix its clamp on the
$20.8k zone seen a few weeks ago. a couple of weeks ago. BNB
outlook based on the price action is looking bearish as it lingered
at the $276 level for the most part of last week. Related
Reading: Shiba Inu Burn Events Spark A Rally In Altcoin Over The
Past Weeks Binance Coin Price Skyrockets 1.36% According to
CoinMarketCap, BNB price has skyrocketed by 1.36% or trading at
$278.40 as of this writing. BNB has formed a descending triangle
pattern seen in the middle of August while it made some swirls of
lower highs from the $315 zone. Similarly, BNB price has also
formed a base tapping at the $270 to $275 range. A fall that dips
below $271 and then retesting on the key resistance would most
likely trigger BNB to plunge shooting towards $240. Chart:
TradingView.com The $270 level has also maintained to be the
support and resistance zone in July. The same zone has also been a
fortress resisting the bearish tremors. Awesome Oscillator and RSI
for BNB as presented on the 4-hour chart remains to be generally
bearish. The momentum indicator also wasn’t able to hover above the
50 level while unable to surpass the 60 zone that hints at a
bullish fervor. OBV has also plunged showing magnified selling
pressure. More so, a bullish crossover was also present on the
Stochastic RSI that indicates a slight bounce might happen to test
the resistance level. Repetitive tests of a particular zone are
seen to dampen the support area. In this case, the $275 zone has
been tested time and again in the past couple of days with the
potential to cave. BNB Shows Intensified Selling Volume Its bounce
though might not be too significant with the $287 to $295 range
acting as key resistance. Over the next couple of days, BNB might
potentially hover towards $300 and $316 or $270 to $242. This will
depend primarily on Bitcoin’s ability to protect its support zone
spotted at the $19.6k-$19.8k levels. Intensified selling volume and
bearish movement has been observed with Binance Coin in the past
couple of days. There is an obvious weak accumulation at the demand
zone hinting that any bounce or jump towards the $290 to $300 range
might be short-lived. A Bitcoin move that surpasses the $21.5k zone
plus Binance Coin flipping the $300 mark for support would be
pivotal to change the fate of BNB from bearish to bullish. Related
Reading: TRON Volume And Market Cap Down Despite Social Media
Hype BNB total market cap at $44.9 billion on the daily chart
| Source: TradingView.com Featured image from TIME, chart from
TradingView.com
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