A major setback in the crypto ecosystem seems increasingly likely. The BNB token, from the exchange Binance, has already started to show bearish signals for the short term, will it be preparing for a sharp drop? Check out the Binance Coin analysis below to find out.
Technical analysis of the BNB Token
Despite the ups and downs associated with volatility, Bitcoin Billionaire has managed to maintain an incredible performance throughout its history. What is identified as a rapid upward trend in the monthly chart of its price, through increasingly higher highs and lows.
After continuous upward attempts over the past few months, it seems that a bearish bottom has finally been reached, and this is the beginning of a next push, most likely in search of a new historical high.
The 8-month EMA and 18-month SMA moving averages are still crossed to the downside, as a result of the sharp drop in the BNB. But, they are currently being broken, and may soon start to show upward signs.
Binance Coin: 5 use cases for the BNB token
On the weekly candlestick chart, we identify a medium-term uptrend, supported by the upward cross of the 8-week EMA and 18-week SMA.
Today we see the price using the EMA of 8 as dynamic support. The fall can now be categorized as a valid reversal. However, it is still likely that BNB will look for lower support before continuing to rise.
The next target is the supply zone left with the 2020 highs, located between $24.38 and $27.19. The zone of historic highs could then begin to be challenged.Binance Coin has more presence in social networks than Bitcoin