30.07.21 Technical analysis of BNB / USD – Binance Coin in the grip of two levels
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In today’s analysis, we will focus on Binance Coin (BNB).Today and the weekend we will focus more on altcoins, because there were some movements, which certainly deserves a short comment.
Current situation on 1D TF BNB / USD
As the headline of today’s analysis suggests, the BNB / USD has been moving in the range 205-350 USD. However, we can state that it stays near the S / R band of USD 350 for a longer period of time. We have quite a lot of those contacts with said level, so we can definitely consider it as a sufficiently strong resistance.
The exchange rate is currently testing the level, so we will see if the BNB will be able to try to break through at all. The most important finding, however, is that based on Volume Profile within the levels of those levels, one big one is generated for us balance. It’s hard to say whether it’s redistribution or accumulation.
What is certain, however, is that once the market decides to move to one side, it will carry a huge weight for future price development. If we definitely get below $ 205, I would seriously say that it has been redistributed in this range for a long time. Which means that the accumulation price levels can be very deep.
I repeat, I do not want to scare me in any way. But it is good to realize that the BNB made a completely crazy appreciation in a few weeks – almost 1,500%. From this title alone, it is very likely that the purchase prices of big players will probably be quite low. That’s why it’s extremely important to see if the exchange rate goes below that $ 205.
Otherwise, as far as volumes, they are still quite average. Although the situation has slightly improved compared to the beginning of July, it is still quite a bit. So far, no great effort is being made.
Indicators
The RSI indicator came quite nicely closer to the drawn resistance diagonal. However, the indicator curve is still quite far from direct testing. In any case, the RSI values reached the highest since May this year. This too can be considered a success and a kind of confirmation for the effort to move up.
In conclusion
It is really important for us which direction the BNB exchange rate will go. The market throughout this year in the range of 205-350 USD is creating a large market balance so giving direction is very important for future price developments. However, until the volumes rise, the market is by no means decided.
ATTENTION: No data in the article is an investment board. Before you invest, do your own research and analysis, you always trade only at your own risk. Cryptheory team strongly recommends individual risk considerations!
