The price of Binance Coin (BNB) reached a high of nearly $16 on Mar 7, 2019. A sharp drop followed. Binance Coin has been on a gradual uptrend since.
Here is the market outlook from Mar 7 to Mar 15:
Key Highlights For March 15
- The price of Binance Coin has been on a gradual uptrend since Mar 8.
- It is trading inside an ascending triangle.
- The MACD and SMAs have triggered a buy signal.
- There is resistance near $15.5 and $17.
- There is support near $11 and $9.5.
Ascending Support
The price of BNB on Binance is analyzed at one-hour intervals from Mar 7 to Mar 15. The price made a low of $13.84 on Mar 8. It has been on a gradual uptrend since, with each low being higher than the previous one. Tracing these lows gives us an ascending support line.
Ascending Triangle
Binance Coin made a high of $15.86 on Mar 7. A rapid drop ensued. Since then, the price revisited the same level three times. Tracing these highs gives us the horizontal support line.
Signal Triggered
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move. Combined with simple moving averages (SMA), MACD can be used as a trigger for buy and sell signals. Signals are triggered whenever the MACD line is above 0 and the price is above the 21 (red) and 50-period (green) SMAs.
Future Movements
The price of BNB on Binance is analyzed at 12-hour intervals from Jun 1, 2018 to Mar 15, 2019 in order to better visualize possible reversal areas.
Summary of Analysis
Based on this analysis, the price is likely to touch the horizontal resistance line before eventually breaking out. If it touches the resistance line, this prediction will be partially validated. If it eventually breaks out, it will be fully validated. Do you think we’ll see a break out for Binance Coin or are price decreases soon to come? Let us know your thoughts 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.
Top crypto platforms in the US
Disclaimer
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored