Binance Coin looks bullish: Market Analysis


  • 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%.


Here’s the market structure of Binance coin.

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.

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


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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