{"id":165808,"date":"2021-06-23T03:30:20","date_gmt":"2021-06-22T22:00:20","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=165808"},"modified":"2021-06-22T16:16:36","modified_gmt":"2021-06-22T10:46:36","slug":"binance-coins-recovery-hinged-on-this","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binance-coins-recovery-hinged-on-this\/","title":{"rendered":"Binance Coin’s recovery hinged on this"},"content":{"rendered":"

Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more losses over the coming hours. However, this could set the stage for the re-emergence of buyers back into the mix.<\/p>\n

Binance Coin 4-hour chart<\/strong><\/p>\n

\"\"<\/a>
Source: BNB\/USD<\/a>, TradingView<\/figcaption><\/figure>\n

Binance Coin’s woes were elevated once bulls failed to defend $325 support from bearish pressure. A further 20% was noted from this defensive line as BNB seemed to shift towards the $260-mark. Prices were now below their 4-hour 50, 100, and 200 Simple moving average lines. An argument can be made that BNB’s short-term movement and hopes of a brief recovery now hinged on $260 support moving forward.<\/p>\n

Reasoning<\/strong><\/p>\n

Visible Range’s<\/strong> point of control lay around $260. This meant that BNB saw peak interest by traders at this price level in the given timeframe- a reading that strengthened the area’s defense. Moreover, Relative Strength Index<\/strong> traded in the oversold region from where a reversal can be expected. According to the price-sensitive Stochastic RSI<\/strong>, some bullish resurgence had already seeped in as the index moved north after a bullish crossover. Successfully defending $260 from bears could even result in a minor jump back towards the $325-mark.<\/p>\n

However, traders must be wary of an extended sell-off as well. Bearish momentum was building up on the Awesome Oscillator\u00a0<\/strong>which showed no signs of a reversal just yet. A bearish outcome would likely drag BNB back towards its demand zone of $210-236<\/p>\n

Conclusion\u00a0<\/strong><\/p>\n

Selling pressure was dominant in the BNB market but there was a glimmer of hope at its press time price of $260. A bounce back in this region could provide a short-term push back towards $325. However, the chances of a further drawdown cannot be overlooked as well. A breakdown could see BNB trade within its demand zone of $210-236 over the coming days.<\/p>\n","protected":false},"excerpt":{"rendered":"

Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more lossesContinue reading “Binance Coin’s recovery hinged on this”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":165823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-165808","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nBinance Coin's recovery hinged on this - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/binance-coins-recovery-hinged-on-this\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Coin's recovery hinged on this - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. 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