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BNB analysis – the long-term trend is unchanged, the price is a short-term sideway

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BNB has continued its sideway structure since reaching its peak in early November. The price created double bottom on the surface about $ 520 and since reaching the local minimum of the last sale, it is still moving upwards. However, the high respects the last support as a new resistance.

Binance coin creates after a long maximum sideway structure which represents bull signal. However, no one knows when this structure will end. It is essential that the price does not set long-term declining lows. We are currently in a growing leg, but the last short-term low is testing the previous one.

BNB / USD 4HBNB / USD 4H. Source: TradingView

BNB has long been bullish

In the long run, the price continues its upward trend and records rising lows and highs. However, if the correction of the entire market continues, it is possible that the BNB will also create another correction leg. However, the support is quite far from the market price and the sideway structure would also continue corrections the whole market could continue.

The last maximum from the beginning of November is double top along with the peak of early May. Price probably per year 2022 achieves new ATH. However, this break must be supported by bull volumes.

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.

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