Binance Coin (BNB) shows signs of strength after testing the level of decisive support of $ 520, as it worn modestly about $ 552 as of April 8. Despite this short -term recovery, the price remains almost 8 % on the weekly graph and 11.9 % over the past 14 days.
The broader trend still tends to drop, as BNB is struggling to restore EMA for 20 days at $ 593.51, and SMA expenses for 200 days at $ 633.78, both of which are now working as huge resistance areas.
Technical indicators provide mixed signals. The relative strength index is currently at 34.48, indicating that BNB swings on the edge of the sales lands. Meanwhile, MACD shows a spacious downward deviation, with both signal lines and MACD below the zero line. This adds to the opinion that the last bounce of the original may be a more relief gathering than a certain reflection.
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Source: TradingView.
Trading volume increased over 24 hours to more than 924 million dollars, indicating the interest of the renewable market. However, without proceeding with pursuit of penetration from the resistance of $ 555, the bulls remain on a shaky ground.
A clean break above this level can open about $ 570 and possibly $ 605, and the upper Bollinger and Psychological barrier in the short term. However, if sellers regain control and pay the original below $ 548, it is possible that a re -test of $ 520 will be, and failure may offer $ 500 or less.
BNB series standards on the series and developments in the ecosystem
The active headlines on the BNB series remained stable, hovering near a million per day, according to BSCSCAN data. This provides some basic strength of the network despite the weak price. In addition, the continuous banana called for the development of the ecosystem through initiatives such as MVB SEASON 9 and Faneck’s Filed for Bnb ETF indicates a strong institutional and development interest.
The coded currency looks depends on its ability to break $ 555 and restore the lost momentum. While the technology remains declining in the short term, the supportive basics and renewable trade activity can provide a base for recovery. Until a decisive step occurs, traders must expect fluctuations and continue to watch the key levels at $ 520 and $ 555 for the directional sermon.
As said Cryptomode, it launched the Donald Trump project supported by Crypto World Liberty Financial recently Stablecoin, USD1, on the Binance and Ethereum series.
