Binance Coin wants to push the limits and retest its capabilities to exceed $300 to increase liquidity.
- Binance Coin eyes $316
- BNB Price currently Trades at $278.40
- The $287-$295 price range for resistance was spotted
Bitcoin’s selling pressure has caused it to plummet to $19.5k, and then retest the $20.4k area for liquidity. BTC also has struggled to remove the $20.8k limit it had imposed a few weeks back. A couple of weeks earlier.
BNB Outlook based on the price movement is bearish, as the BNB remained at $276 levels for much of last week.
Binance Coin Prices Rise 1.36%
Based on CoinMarketCapBNB prices have risen by 1.36% and are currently trading at $278.40.
BNB formed an descending triangle shape in mid-August while it produced some swirls of lower highs around the $315 area.
Similar to the BNB price, it has formed a base tap at $270-$275. BNB could plunge towards $240 should it fall below $271, and then test the key resistance again.
Chart: TradingView.com
The support/resistance zone at $270 has also remained constant in July. It has served as a stronghold against the bearish earthquakes.
The 4-hour chart shows that the Awesome Oscillator (RSI) for BNB is still 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 plunged, showing increased selling pressure. A bullish crossover on the Stochastic RSI was more evident, which suggests that a small bounce may occur to test resistance.
Repeated tests on a specific zone can be seen to reduce the area of support. The $275 area has been repeatedly tested in this instance, with the possibility of cave formation.
BNB shows increased selling volume
However, its bounce might be not too substantial with resistance in the range of $287-295. BNB may hover around $300 to $316 over the next few days or $270 to $252.
This will depend primarily on Bitcoin’s ability to protect its support zone spotted at the $19.6k-$19.8k levels.
Binance coin has experienced an intensified selling volume, and bearish activity in recent days.
An obvious weakness in accumulation is evident at the demand area, which suggests that any rebound or jump towards $290 to $303 range could be brief-lived.
To change BNB’s fate from bullish to bearish, a Bitcoin move above the $21.5k mark and Binance Coin flipping at the $300 support level would be crucial.
BNB Total Market Cap at $44.9 Billion on Daily Chart | Source: TradingView.com Featured Image from TIME. Chart by TradingView.com