Binance Coin looks bullish: Market Analysis

Overview

  • Binance Coin is digital asset native to the Binance blockchain and launched by the Binance online exchange.
  • Binance coin is currently trading at $523.4 levels up by 2.35%.

Analysis

Here’s the market structure of Binance coin.

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Binance coin has been making bullish moves since morning today. The coin’s performance has outspanned the performance of all other altcoins. The coin started today at a price level of $513.1 levels. The coin has been rallying upwards since then and has traded above $520 levels. Binance coin is currently trading at $524 levels, by 2.35%.

Looking at the daily chart, the coin started off the day at $515 levels, the coin rose to an early intraday high at $520 levels, before taking a dip. The intraday low was seen at $512.3 levels. On the daily chart, Binance coin was seen consolidating between $516 and $519 levels through midday. On a daily chart the strong sell region extends between $519.7 and $520.9 levels. Contrarily, the strong buy region was between $513.1 and $517.1 levels. On an hourly chart the coin is seen making a bullish engulf at $519.1 levels.

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Market Indicators

Hourly RSI: The hourly RSI is moving currently down towards 55 levels, showing, mild price strength owing to pressure from seller side due to entry of buyers.

Fibonacci Retracement levels: 23.6%: $513.5, 38.2%: $516.3, 61.6%: $517.6

Major support level: $515.9

Major resistance level: $528.4

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Conclusion

On the upside prices may move above $525 levels soon. The first major resistance sits at $523.7 levels. In event of an extended rally upwards, the second major resistance sits at $524.6 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $515 levels, will bring the first major support level $513.5 level in play.

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