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During this increasingly unpredictable era, the cryptocurrency market has taken a breather. The price of Binance Coin [BNB] has also been forming ebbs and flows, causing more instability in the industry.
The digital asset’s mid-term chart shows that the price developed a broad rising curve with the rising trend but is now at the tail end of the collapsing wave. As the rest of the stock falls, the price of BNB has fallen to $524 at the time of writing, but its market capitalisation remains high at $80.73 billion.
Binance Coin four-hour chart
Following the loss of support at $611, the price of BNB fell through different amounts of support. As it continued to recover from $482, the asset’s price was currently holding above $500.
BNB could see a pattern turnaround as it approaches resistance at $540.
The BNB market’s high volatility has not gone unnoticed. This was due to the pump and dump activity in the Bitcoin and Ethereum markets. However, as the two major cryptocurrency markets have stabilised, BNB is entering a prosperous phase as well. Bollinger Bands had opened up for more uncertainty after the recent collapse and stood big apart, implying that the market will continue to see crazy price movement.
However, the relative strength index indicated that purchasing demand was increasing. When the price collapsed, the RSI fell to 30, the oversold zone; but, as the demand has recovered, investors have joined the market. BNB’s low price and high return value could have piqued buyers’ interest. According to Chaikin Money Flow, the recent drive from buyers has sustained the flow of money within the industry.
BNB is poised to experience a bullish pattern reversal, which could result in its price checking immediate opposition.
Take Profit: $565.59
Risk to Reward: 2.82
The new BNB industry is in a period of transformation. As the price recovered to $524, a new bullish surge could be hitting the industry. With purchasing pressure increasing and capital remaining in the economy, BNB could soon reach $540.