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.
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.
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.
BNB total market cap at $44.9 billion on the daily chart | Source: TradingView.com
Featured image from TIME, chart from TradingView.com