Bulls in Action to Correct Binance Coin (BNB) Market

1. Binance Coin (BNB) price is down by 0.33%.
2. Binance has established a support at  $238.65 and a resistance at  $250.53.
3. A bullish sentiment might be experienced in BNB market in the coming hours.

Binance Coin (BNB) is the Binance exchange’s native token. It is used to pay exchange commission fees and to trade in over 50 cryptocurrency pairs. Recently, Binance Coin outperformed the Tether stablecoin on the crypto market, moving it up to third place.

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The BNB market has been dominated by Bears over the past day, causing the BNB price to fall by 0.33%, to $247.4. Both $238.65 and $250.53 have proven to be support and resistance prices for BNB. Market capitalization has dropped by 0.37% to $39,615,945,486, which may add to the pessimistic outlook in BNB prices.

In the hours ahead, there is a possibility that the BNB market will show signs of beginning to exhibit bullish momentum. This is demonstrated by the fact that the Parabolic SAR indicator has formed an alignment of dots above the candlestick, which suggests that a price reversal may take place in the BNB market in the near future.

The Relative Strength Index (RSI) is below the signal line, indicating that selling pressure is higher than buying pressure, adding to the bearish sentiment. The relative strength index line is in an upward movement, indicating that bulls are applying pressure on BNB prices and that a turnaround in the market’s direction may be imminent.

As indicated by the MACD line, bears may continue to dominate the BNB market in the near future, as the MACD line is moving downward, indicating that a bearish sentiment may persist in the BNB market in the near future. The formation of the trajectory histogram in the negative region also supports this bearish sentiment.

The Stoch RSI on the 4-hour time frame is at 96.76, which is above the signal line. This indicates that bulls have been trying to correct the BNB market in recent hours, suggesting that bulls may take control of the BNB market in the coming hours, potentially setting a bullish pace for BNB prices.

The Williams Percent Range (William %Range) indicator is advertising its movement to the top with a reading of -29.21, suggesting a change to bullish sentiment in the BNB market may occur within the next few hours.

To sum up, bears are in charge of the BNB market right now. However, the technical indicators show that this could change in the next few hours.

Read Also :

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• Binance (BNB) Price Prediction Forecast: Will BNB reach $1000 in 2021?
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• Ankr Gives BNB Chain a Major Performance Upgrade With Its Open-Source Contributions
• Binance Coin Recovers Support Despite Market Selloff