•BNB/USD is currently priced at $305.93 and has increased by 34.03% over the last day
•The technical indicators are showing signs of recovery in the near term
•The trading volumes have increased by 12.18% over the past day
Short Term View: Will BNB bulls have a say in the matter?
The BNB price today is $305.93 USD with a 24-hour trading volume of $4,679,575,233 USD. BNB Coin is up 34.03% in the last 24 hours. The trading volumes have increased slightly over the past day as the altcoin looks for support from the broader cryptocurrency market. The Volume to Market Cap Ratio stands at 0.09368.
BNB Coin recovered by Market value in the past day, surging more than 34% as investors judged the recent slide unwarranted. The momentum is yet to side with the bulls as a herculean task lies ahead for the bulls to push the BNB price to pre-crash levels. Today’s price action has brought a semblance of hope as it has led to the BNB prices transacting below the 20 SMA on the four hour chart. However, it still trails the 50 SMA, suggesting the momentum is yet to turn fully bullish. The bulls have shown strength and the next resistance to target for the bulls lies at $315. The bears are, however, never too far away and if they make an untimely appearance it could push the prices below the crucial psychological support level placed at $300 yet again.
Long Term View for BNB Coin
The technical indicators for BNB are showing signs of recovery as the RSI indicator has recovered from the oversold levels from yesterday and currently transacts at 37.69. The MACD indicator shows that the red histograms have reduced in size over the past day, although the bearish cloud still hovers over the altcoin as the MACD and signal lines are transacting in the negative zone.
Conclusion
BNB Coin has somewhat recovered from the beating it took from the bears yesterday. However, the momentum is yet to fully turn bullish as the next few days will provide us with an insight into the future course of the altcoin.
Support: $300-$290
Resistance: $315-$330
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
