Binance Coin needs to determine which path to take, + 38% or -38%?
Binance is easily one of the largest cryptocurrency exchanges in the world in the world with a North reporting volume of $ 5,111,103,686 USD. The exchange has more than 600 trading pairs and 196 coins. Beyond that, exchanges have their own tokens known as Binance tokens, which serve utility functions for exchanges and have other features as well.
The exchange token, at the time of writing, is valued at $ 12.27 USD and has a market capitalization of $ 1,908,684,997 USD with a 24-hour trading volume of $ 308,389,137 USD. The token decreased -0,20% in the last 24 hours and surged 21% in the last week.
- As it stands, BNB has broken the ascending triangle that was previously formed with the price indicating a bullish break on March 19.
- Overhead resistance at $ 12.64 prevents a bullish spike and keeps prices grounded.
- Violations will cause prices to surge by 20% and failure to penetrate will cause the same amount of price variations but in the opposite direction.
Four Hour BNB Chart
As mentioned, BNB has come out of the ascending triangle and has moved sideways ever since. Sideways pressure is due to resistance at $ 12.64, which has been tested twice in the last 5 days.
If it manages to break this level, BNB will push higher, at least up to the next resistance level at $ 15.58 or up 20% from the current level. However, if the price fails to capture $ 12.64, the downward movement is confirmed. The downtrend will bring the price to $ 9.62 (-23%) first, following this level will be $ 8.32 (-35%). Therefore, both scenarios depend heavily on what happens with the resistance at $ 12.64. Either way, the price looks 20% profit / loss.
The directional movement index (DMI) indicator shows a slow increase in the overall trend from bearish to bullish. This can be seen in the reflection of the yellow line from below and its journey to the dashed line, aka ADX (white), which is a neutral zone.
Furthermore, the uptrend or DI + (green) line is also experiencing a rebound in the ADX line, hence this indicates a failure to extinguish the uptrend or DI + Line.