BNBUSD - 1D Chart Analysis
Updated
Like in the other the cases, the total market capitalization drop has put pressure over the price of BNB as well, with the latter being about to register the 4th consecutive day of decrease.
One of the major factors is represented by the inconsistency showed lately by the trading volumes, the same ones which can be considered "guilty" for the price increase which has been registered since the beginning of the month.
Therefore, let's see first what were the key factors which have announced this growth of almost 85% :
* On the 30th of January, the price has registered the second day in which it had a positive evolution and on top of this, the MACD has positioned at the top of the Signal for the first time after almost 1 month, announcing the start of a possible uptrend;
* One day later, on the 31st, the "fast" line of the Stochastic has aggressively changed it's direction and went above the "slow" one, confirming in this way the price increase signaled by the MACD;
* The previous 2 bullish signals have been supported by the increasing trading volumes and this leaded to the positive scenario which eventually happened.
Today, as we've mentioned on the previous post about the BNB, we can see how the MACD has aligned to the other indicators which were announcing a possible correction, due to the crossover which has been just registered.
Therefore, we can say that we have all the necessary circumstances to believe that the price drop will continue, with a possible target below the value of 9$.
One of the major factors is represented by the inconsistency showed lately by the trading volumes, the same ones which can be considered "guilty" for the price increase which has been registered since the beginning of the month.
Therefore, let's see first what were the key factors which have announced this growth of almost 85% :
* On the 30th of January, the price has registered the second day in which it had a positive evolution and on top of this, the MACD has positioned at the top of the Signal for the first time after almost 1 month, announcing the start of a possible uptrend;
* One day later, on the 31st, the "fast" line of the Stochastic has aggressively changed it's direction and went above the "slow" one, confirming in this way the price increase signaled by the MACD;
* The previous 2 bullish signals have been supported by the increasing trading volumes and this leaded to the positive scenario which eventually happened.
Today, as we've mentioned on the previous post about the BNB, we can see how the MACD has aligned to the other indicators which were announcing a possible correction, due to the crossover which has been just registered.
Therefore, we can say that we have all the necessary circumstances to believe that the price drop will continue, with a possible target below the value of 9$.
Note
Reminder: Resistance Level is now Support one.
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