Binance coin $BNB is continuously struggling to find support after making All Time High at $1,375 in the month of October. The Price of BNB dropped nearly 30% when then Trump announced tariffs on China.
Before the Crypto Market crash on 10 October the market cap of BNB was above $190Billion and now its been half and consolidating near $82Billion.
But the Community Sentiments of BNB is still looking Strong on CMC indicating that the strong users demand in BNB suggesting that the BNB price could rebound in upcoming days.
BNB Technical Analysis and Price Prediction Weekly Time Frame.
BNB formed a low high in the month of January at $960 and now it has already closed 3 consecutive red candles on weekly time frame. it been almost 30% down in last 21 days. Now BNB is entering into strong buy zone we can expect a huge demand volume from this buy zone and the price could show a good rally towards $750.
During this bear cycle the Price of BNB might get drop near $550.
The Relative Strength Index RSI is at 32 consolidating above the oversold territory, aiming slightly downward indicating that the price could go a bit lower. While Moving Average Convergence Divergence MACD is still showing the strong bearish momentum.
BNB Technical Analysis on Daily Time Frame.
The Price of BNB facing strong selling pressure since after a lower high at $960 formation in the month of January. At the time of writing this BNB is trading below $600. continuously forming red candles indicating the strong bearish momentum.
The Relative Strength index RSI is at 23 consolidating inside the oversold territory, aiming straight indicating that the momentum shift is near. while Moving Average Convergence Divergence MACD signaling a demand increasing on daily timeframe blue line is again aiming upward trying to flip the orange line and make a bullish crossover. If this will happen the price of BNB could extend the rally to $750.
This is just my Trading idea and personal Insights not a financial Advice do your own research.
