Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Binance coin analysis – do we get through the $ 445 resistance?

1 min read

The binance coin, like the market as a whole, has risen sharply in a relatively short period of time, but is still in the flag. Resistance is located on roughly $ 445. Moreover, such growth is not sustainable in the short term and it is likely that the BNB will generate a local maximum soon, similar to the rest of the market.

RSI indicates overbought phase and this situation occurs in almost everyone at the moment coins. That is, in the short term probably we are close to the local maximum and we will still have to wait for the long-term highs to be broken. The last long-term maximum is on $ 505.

The binance coin is still in the flagBinance coin is still in the flag. Source: TradingView

Binance coin is still in the flag

In terms of technical analysis, we are still in the corrective structure of the flag, which resistance it has still not been overcome, so nothing has definitely changed yet. However, it is also important that we last saw such strong growth in the short term before the current correction was made.

Despite the fact that a local maximum will soon form, the prices of cryptocurrencies are in the accumulation zone and now we have to wait for the creation of a local minimum, which must be growing. Subsequently, many altcoins will break through the mentioned resistance. Real confirmation primary growth but it will happen only when we overcome the last long-term maximum.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply