BNB Price: Trends and Highlights for July 4
- The BNB price is trading inside a significant support area.
- It is following a descending support line.
- There is a slight bullish divergence developing in the RSI.
- BNB is trading inside a short-term ascending channel.
- Short-term moving averages are turning bullish.
Binance Coin Price: Descending Support LineSince reaching a low of 29,399 satoshis on March 3, the price has been following the descending support line outlined below. The Binance Coin price has touched the support line four times. Furthermore, the line currently coincides with the significant support area outlined in the previous section. Also, there is some bullish divergence developing in the RSI. While this divergence is quite insignificant, it is more pronounced in short-term time-frames. Additionally, it is occurring inside a significant support area. The divergence, however, is not sufficient in predicting an upward move. Let’s take a closer look in the short-term in order to determine that.
SummaryThe price of BNB has recently been decreasing until it reached a significant support area. It is currently trading inside an ascending channel. An analysis of technical indicators supports an increase towards the resistance line of the channel. Do you think the price of Binance Coin will begin to increase? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.