Binance Coin Eyes $316, After Being Stuck At $276 In The Last Week

Christian Encila

2 years ago

3 mins read

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Binance Coin is looking to retest and push its limits to surpass the $300 mark to tap on liquidity.

Binance Coin sets eyes on $316
BNB price currently trades at $278.40
Resistance spotted at $287 to $295 range

Bitcoin has encountered intense selling pressure that triggered its dip to $19.5k and retesting the $20.4k zone for liquidity. Moreover, BTC has grappled to fix its clamp on the $20.8k zone seen a few weeks ago. a couple of weeks ago.

BNB outlook based on the price action is looking bearish as it lingered at the $276 level for the most part of last week.

Binance Coin Price Skyrockets 1.36%

According to CoinMarketCap, BNB price has skyrocketed by 1.36% or trading at $278.40 as of this writing.

BNB has formed a descending triangle pattern seen in the middle of August while it made some swirls of lower highs from the $315 zone.

Similarly, BNB price has also formed a base tapping at the $270 to $275 range. A fall that dips below $271 and then retesting on the key resistance would most likely trigger BNB to plunge shooting towards $240.

Chart: TradingView.com

The $270 level has also maintained to be the support and resistance zone in July. The same zone has also been a fortress resisting the bearish tremors.

Awesome Oscillator and RSI for BNB as presented on the 4-hour chart remains to be generally bearish. The momentum indicator also wasn’t able to hover above the 50 level while unable to surpass the 60 zone that hints at a bullish fervor.

OBV has also plunged showing magnified selling pressure. More so, a bullish crossover was also present on the Stochastic RSI that indicates a slight bounce might happen to test the resistance level.

Repetitive tests of a particular zone are seen to dampen the support area. In this case, the $275 zone has been tested time and again in the past couple of days with the potential to cave.

BNB Shows Intensified Selling Volume

Its bounce though might not be too significant with the $287 to $295 range acting as key resistance. Over the next couple of days, BNB might potentially hover towards $300 and $316 or $270 to $242.

This will depend primarily on Bitcoin’s ability to protect its support zone spotted at the $19.6k-$19.8k levels.

Intensified selling volume and bearish movement has been observed with Binance Coin in the past couple of days.

There is an obvious weak accumulation at the demand zone hinting that any bounce or jump towards the $290 to $300 range might be short-lived.

A Bitcoin move that surpasses the $21.5k zone plus Binance Coin flipping the $300 mark for support would be pivotal to change the fate of BNB from bearish to bullish.

BNB total market cap at $44.9 billion on the daily chart | Source: TradingView.com

Featured image from TIME, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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