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Monday, September 27, 2021

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Why Staying Away From Binance Coin Is The Best Option Right Now




Disclaimer: The findings in the following analysis are the sole opinions of the author and should not be taken as investment advice.

The cryptocurrency market found some relief after the September 7 sell-off, but profit-taking continued to push prices south just before the weekend. Binance Coin has been no exception to this broader trend. The altcoin regained lost ground on the back of an ascending triangle breakout, but its price was immediately rejected at the resistance barrier.

Now the altcoin price can be expected to trade within a range as a clear trend emerges. At the time of writing, BNB was trading at $ 414.6, down 0.9% in the last 24 hours.

Binance Coin hourly chart

Source: BNB / USD, TradingView

BNB losses narrowed at the $ 390 support level, although some candle wicks drilled below the defensive line. Buyers appeared to fight back with a breakout of the ascending triangle, but the $ 437 resistance point prevented a further rally.




Since volatility seems to settle in the market after some fortuitous move, a consolidation period between $ 437 and $ 410 can be expected. By the way, the lower range of this channel coincided with the lower band of Bollinger Bands.

When the candles shift to the lower band, some buying can usually be observed. On the other hand, the $ 390 and $ 372 support lines would trigger in case BNB falls further south.

Reasoning

While the hourly RSI appeared to stabilize between 45-40, there was room for additional momentum towards the oversold zone before the chances of a reversal. Meanwhile, momentum was weak on both sides as the compression momentum indicator drifted to the middle of the line.

Black dots indicated that there was a market contraction at press time. The MACD also shared similar sentiments as the fast moving line intertwined with the signal line.

conclusion

With no side with aces, BNB could settle within the $ 410- $ 437 zone in the near term. The low volatility can be expected to curb any further bleeding as a stronger trend emerges in the overall market.

Traders are advised to stay away from range markets as there appears to be an air of uncertainty surrounding the outlook for BNB.

This is a machine translation of our English version.




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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