The week seems to have started well for the cryptocurrency market in general and the Binance Coin (BNB) market. Following the most recent analysis of the evolution of the price of BNB, we can see that bulls have returned to the market.
While it is true that the token has undergone a sharp correction in the last couple of days, the trend has changed today. The various studies show that the support zone at $ 321 remains solid against attacks. Most analysts believe this is the critical point at which the price of BNB could rebound.
Bullish momentum picks up on BNB/USD prices.
The analysis results on the BNB price chart over 24 hours indicate fairly positive buyer trends. They motivate the latter, who are still reluctant to enter the market.
Since the price movement has changed direction in the last few hours, the most recent trends favour cryptocurrency. Nevertheless, while it is true that the value of the BNB token has indeed increased, when compared to the previous 24 hours and the previous week, it has decreased by about 0.1% and 4.8%, respectively.
This is proof that downward pressure is still present in the market. Also, despite the solid support area of $321, the BNB token is still between $317 and $338.
The market study still presents very high volatility. Regarding the value of the Bollinger bands, we see that the upper band is $346 while the lower band is $314.
Although the average value of the price, or moving average (MA), is estimated at $328.6, the average of the Bollinger Bands has also moved to $330 and is, therefore, still above the AD.
The relative strength index (RSI) has shifted away from its downward trajectory, and its score has also increased significantly to a value of 48.
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Recent developments related to Binance Coin
Analysis of the price chart over 4 hours shows that over the past few days, the cryptocurrency of the Binance platform has experienced some continuous declines that have allowed the bears to regain their advantage over the bulls.
The bulls have, however, managed to keep some control over the market during the final hours of trading. Unfortunately, as soon as the price crossed the $326.4 mark, pressure from sellers resurfaced. This pressure has caused a new fall in price.
The average Bollinger Band now stands at $327, while the Moving Average (MA) has reached $324. At the same time, the SMA 20 curve also fell lower.
The widening value of Bollinger Bands makes the likelihood of higher volatility shortly stronger. It also means that bullish momentum is more likely to prevail.
Finally, the results of the various analyses on the Binance Coin price market clearly show that the bulls have been successful in their approach. The token’s price will likely begin to recover despite falling, as the positive trend can continue.
The bullish momentum was quite strong, with a short price gain that increased the value to $326.4 before falling back to $322. In conclusion, this fall seems only temporary, and the recovery could boost the token towards $ 335.
