- Binance Coin price sees bulls hitting an important level as RSI is overbought again.
- BNB enters a risky game where price action could be at risk of fading near 10%.
- Traders will watch what the daily close brings to see if equities can push higher.
Binance Coin (BNB) price sees bulls playing a risky game as in early morning trading this Tuesday during the ASIA PAC session, $323.80 got hit and immediately saw price action drop lower. This level was marked up from the tops of June of last year and has been, although chopped up, still holding some relevance when it comes to tops or closes. If bulls took too much profit and gave bears a chance to enter, a drop below $300 would not be impossible.
Binance Coin sees bears playing a different game as they are still around
Binance Coin price hit $323.80 this Tuesday morning in the ASIA PAC session. This does not tell us much if it was not for the fact that this level has been pivotal since June of last year. Indeed, although it has been broken to both the upside and the downside, it has held throughout that period a certain relevance with several closes either above or below it and often halting any upside breaks. Seeing the current fade of over $10, it becomes clear that bears are not gone, they are just sidelined and waiting for the right moment to strike.
BNB, thus, could be at risk of stalling soon as bears certainly will have had $323.80 marked up and were present to blow up the sell-side offers at that level. Bulls will have gotten trapped a bit, and the fade could only gain in strength as, at the same time, the Relative Strength Index is back bang on the level of being overbought. This means that new investors and bulls will want to wait before entering the price action as upside potential is limited, which could spark another sell-off toward $280 with the 200-day Simple Moving Average (SMA) as the level of vital support.
BNB/USD daily chart
A closer look at current market trends and conditions shows that markets have been detoxing a bit from the US Dollar. Even Monday night, it became clear that equities are the tailwind for cryptocurrencies. When US stocks jumped higher, seconds after that my alerts were buzzing for the top three cryptos popping higher. If equities can repeat that rally, that could be enough for BNB to pierce through $323.80 and head toward $336.50.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
This is why a mere 15% rally in Lido DAO price could be a game-changer for LDO holders
Lido DAO price is following the rest of the market due to the regulatory events that transpired in the last few days. However, the DeFi token is generally unlikely to pursue the path set by any other cryptocurrencies, including the likes of Bitcoin. This might play in favor of LDO.
LINK holders opt to sell as Chainlink price falls by 9% in a week, new investors on the rise
Chainlink price, after following the broader market cues, is nearing a key support level that was last visited by the coin in January this year. This has discouraged LINK holders to the point where selling has become a preferred option. However, newer investors are countering this selling by accumulating, preventing a severe decline.
Optimism price could rally 50% as network upgrade inspires new wave of OP adoption
Optimism (OP) price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 (L2) token is trading horizontally, giving bulls time to accumulate OP at affordable rates.
Binance CEO addresses chat records disclosed by the SEC
Binance CEO Changpeng Zhao has issued an internal address to company staff, asking them to focus on work and developing products people can use. The internal memo comes after the United States Securities and Exchange Commission (SEC) disclosed chat records between Binance employees in an attempt to support its case against the largest crypto exchange by trading volume.
Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week
The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization.