{"id":171645,"date":"2021-07-19T21:30:50","date_gmt":"2021-07-19T16:00:50","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=171645"},"modified":"2021-07-19T14:46:18","modified_gmt":"2021-07-19T09:16:18","slug":"binance-coin-a-safer-bet-would-be-to-make-this-move","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binance-coin-a-safer-bet-would-be-to-make-this-move\/","title":{"rendered":"Binance Coin: A safer bet would be to make this move"},"content":{"rendered":"

Like most altcoins in the market, Binance Coin was witnessing a period of stagnation on the charts. Its value oscillated between $296-310 over the past few days, with neither bulls nor bears able to assert dominance. At the time of writing, BNB traded at $300, down by 1.1% over the last 24 hours.<\/p>\n

Binance Coin 4-hour Chart\u00a0<\/strong><\/p>\n

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

After touching a high of $340 in early July, Binance Coin’s value gradually declined within the confines of a down-channel. Bears eventually tested the $290-support mark but a breakdown was avoided- a development that led to a rally of nearly 13% towards the upper trendline of the pattern. Since making this move, BNB has mostly traded at the mid-point of its pattern and remained in a state of equilibrium.<\/p>\n

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

Directional Movement Index’s -DI and +DI lines were in close proximity which showed the lack of a clear trend in the market. Moreover, ADX clocked in at 11 which invalidated chances of a large price swing over the coming sessions. MACD’s Fast-moving and Signal lines were also intertwined, and the histogram noted weak momentum in the market.<\/p>\n

Meanwhile, the Relative Strength Index has moved between the bearish-neutral zone of 40-50- a finding that showed the lack of sustained buying pressure. Considering the presence of a weak trend, BNB could resume its sideways movement till a stronger trend emerged in the broader market. The 20-SMA (red) ran bearish and could prevent any short-term upside, whereas a support mark of $298 could contain incoming losses.<\/p>\n

Meanwhile, market observers must be mindful of a close below the $290-280 range. Visible Range showed a lack of strong support levels below this region and a breakdown could trigger sharp retracements in the market. Conversely, bullish moves would likely be contained at a strong resistance mark of $315, which also coincided with the Visible Range’s point of control.<\/p>\n

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

BNB’s indicators failed to identify a clear trend and prices\u00a0 could trade sideways and between $298-305 over the coming sessions. If bullish cues emerge in the altcoin market, BNB’s next destination would likely be at its $315 price ceiling, however, chances of a breakdown cannot be overlooked as well. Placing any trades in the market could be risky at the moment and a safer bet would be to wait for BNB to reach a more critical resistance\/support mark before opening a long or short position.<\/p>\n","protected":false},"excerpt":{"rendered":"

Like most altcoins in the market, Binance Coin was witnessing a period of stagnation on the charts. Its value oscillated between $296-310 over the past few days, with neither bulls nor bears able to assert dominance. At the time of writing, BNB traded at $300, down by 1.1% over the last 24 hours. Binance CoinContinue reading “Binance Coin: A safer bet would be to make this move”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":171675,"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-171645","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: A safer bet would be to make this move - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Like most altcoins in the market, Binance Coin was witnessing a period of stagnation on the charts. 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