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Price Analysis of BNB: The bears still in control over the market

Cryptocurrency

Binance Coin- Ethereum-based (ERC-20) token ranks 8 among the major cryptocurrencies in the market. The price of BNB was $19.9709 with a market cap of $3.133 billion and a 24-hour trading volume of $236 million. A major amount of the coins was traded from P2PB2B i.e. $31.47 million via BNB / USD pair.

2 Hour Chart

Source: BNB / USDT TradingView

The one hour chart exhibited an uptrend extending from $19.814 to $20.117 and a downtrend extending from $20.831 to $20.233. The immediate resistance was at $20.5394 and the subsequent resistance was at $20.8457 and the immediate support was held at $20.3444 and the subsequent support was held at $20.2379.

Parabolic SAR: The dotted line indicated that the coin was under a bearish sentiment as the line was coming down.

The MACD line was swaying under the signal line putting the coin under a bearish trend.

Chaikin Money Flow: The CMF line had just passed the zero line and was under it suggesting that the outflow of the capital was more than the inflow and pushing the coin to the bearish market.

1 Day Chart

Source: BNB / USDT TradingView

The long term chart exhibited an uptrend extending from $18.388 to $20.981 and a downtrend extending from $39.343 to $21.107. The immediate resistance was at $23.6163 and the subsequent resistances were at $28.0918 and $32.0653 respectively while the immediate support was held at $23.3158 and the subsequent support was held at $17.9279.

The Bollinger Bands was just beginning to diverge slowly making the coins more volatile.

The Awesome Oscillator showed that the red bars were trying to gain momentum and place the coin in the bearish market.

Relative Strength Index: The RSI line was swaying over the 50-line indicating that the buyers were more active in placing the coin in the bullish market.

Conclusion

All the indicators in the short term chart and the Awesome Oscillator in the long term chart indicated that the coin (at the press time) was under a bearish run in the market.

 

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