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In the short term, the Binance coin [BNB] market has been showing a clear uptrend on the charts. Indeed, BNB’s hourly chart seemed to show that the altcoin’s price had exceeded its immediate resistance stage of $349, with the same trading at $352.27 at press time.
However, the aforementioned abrupt price rise may result in a major price breakdown in the future.
Binance Coin [BNB] hourly chart
At press time, the altcoin was trading just above $349 on Binance Coin’s hourly tracker, with the aforementioned price range acting as help. However, a rise in selling pressure could send the coin into a reversal, taking the price closer to $317.
The BNB market has recently become more volatile as a result of the market-wide boom. This suggests that a price swing is likely in the near future. Since the economy was at an inflection point, the price could swing to the lower end of the price spectrum.
The Signal line was found to be below the candlesticks, emphasising the market’s bullishness. The growing distance between the Signal line and the price bars, on the other hand, signalling that the pattern was about to shift. Meanwhile, the 50-day moving average expected the same direction shift.
Furthermore, the Relative Strength Index seemed to be indicating market saturation when it reached the overbought sector. This meant that a sell-off could occur in order to support the BNB market. However, though buyer momentum was strong, the Awesome Oscillator was reasonably pessimistic at press time.
Crucial levels to watch out for
Take Profit: $319.02
Risk and Reward: 1.32
Binance is a cryptocurrency exchange. The coin market has been exceptionally positive recently, but it will fall to a lower price as a correction begins. This could bring the digital asset’s price closer to $317, allowing traders to benefit from short trades.