Binance Coin BNB in Downtrend and Price Falls Down
Binance Coin is currently in a downtrend as the price has fallen below the moving averages. The MACD indicator is also in bearish territory.
The Binance team has been hard at work lately but that hasn’t stopped the price of BNB from falling down. The coin is currently trading at $14.52, which is a slight decline of 0.52% in the last 24 hours. The market capitalization of the coin has also decreased to $2.21 billion.
The team behind Binance recently announced that they will be launching their own blockchain soon. The mainnet launch is scheduled for April 23rd and it is expected to bring a lot of positive changes for the company. Binance has also announced that they will be airdropping 10% of their total supply of tokens (100 million) to holders of their ERC-20 token.
Apart from this, the team is also working on expanding the use cases of BNB. Recently, Binance announced that they will be partnering with Decentraland, a virtual reality platform built on the Ethereum blockchain. This partnership will allow users to buy virtual land with BNB. Binance is also one of the few exchanges that have been able to maintain a good reputation in the industry. The exchange has been able to avoid any major hacking attempts or security breaches. This is a positive sign for the long-term prospects of the company.
The price of BNB has been in a downtrend since February and it has fallen below the moving averages. The 20-day EMA is currently at $16.15 and the 50-day EMA is at $17.19. The coin is currently trading below both these moving averages, which is a bearish sign. The MACD indicator is also in bearish territory as the signal line has crossed below the MACD line. The RSI indicator is currently at 42, which suggests that the coin is in oversold territory.
Binance coin is currently in a downtrend as the prices have fallen down from $30.60 to $27.80 in the last 24 hours. The market capitalization of the coin is also on a decline and is currently at $4.03 billion. The trading volume of the coin has also decreased and is currently at $1.46 billion. The cause of the downtrend is unknown but it is speculated that the recent announcement of Binance US listing may have negative impact on the prices. The news about Binance partnering with Ripple (XRP) to launch a new cryptocurrency exchange might also be one of the reasons.
We can see that the prices have fallen below the moving averages and the RSI is also in the bearish zone which indicates that the downtrend is likely to continue in the short-term. The support levels are at $27.50, $26.50 and $25.50 while the resistance levels are at $28.50, $29.50 and $30.50.
As the downtrend is expected to continue in the short-term, traders can sell Binance coin on rallies with a stop loss above $28.50. The target price would be around $25.50. Those who are already in a short position can keep their stop loss at $28.50. In case the prices start to move up, traders can wait for a breakout above $29.50 to enter long positions with a stop loss below $28. The target price would be around $31.50 levels.
This article is not a financial advice and should not be taken as one. Please do your own research before investing in any cryptocurrency.
Why is binance down
The cause of the downtrend is unknown but it is speculated that the recent announcement of Binance US listing may have negative impact on the prices. The news about Binance partnering with Ripple (XRP) to launch a new cryptocurrency exchange might also be one of the reasons.