Binance Coin BNB price analysis: 0.65% rise

Binance Coin BNB price since the last trend update has been correcting gains through mid-November. Up by 0.65 percent over the previous week, it has seen its subsequent rise and fall as showcased by the two contrasting trends described below. 

Binance has been trading above and below its tested baseline of $20.2 with the 15th correcting the falling movement, but 16th proving to indicate another fall below. However, over the past twenty-four hours, the coin is trading at a value that is up by 1.07 percent.

Binance Coin BNB Price Analysis: the 15th and 16th of November (BNB/USD)

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Binance Coin BNB Price Chart by Trading View

BNB Price Analysis – 15th November 

Continuing from the previous day, the Binance Coin was correcting gains through a bullish movement as the day initiated falling only slightly, and not too strong. This being said, those interested in the coin are still anticipating the rise of the BNB/USD pair above $21, which it has failed to achieve since its fall, which occurred in September.

The cryptocurrency initiated its day with the previous day’s rise leading to $21.32, later dropping to $20.70. At this mark, the coin found support, which allowed it to rise by a percentage of 2.13 to the $21.14 target, pulling back to $20.35; this was a moderate recovery as the price began a constant and continuous downward trend thus following the shape of a falling wedge.

The trend showcased a moderate bullish upsurge, which was halted when BNB began its movement away from the Fibonacci retracement of 61.8 percent, dropping the value to an unfortunate $20.0, which traced its path down to the lowest amount of the day at $19.96.

This downtrend continued its way into the 16th of November, tracing a meek trend below the baseline. The predicted resistance levels for the coin were set at $21.72 and $22.11. The expected support levels were marked to be $19.90, $19.50, and $18.80. It reached this support level but surged only slightly the next day, as depicted in the full-featured chart below.

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Binance Coin BNB Price Chart by Trading View

BNB Price Analysis – 16th November 

Continuing from the previous day, the Binance Coin remained below the baseline with slight surges upward. It opened the 16th with a price of $20.47 and gradually rose to the day’s highest value of $20.57. It then continued a path that showed minimum volatility, hovering around the $20 mark to succumb to the bears, closing at $20.02. The Binance Coin BNB price majorly ranged between $20.27 and $20.25 

In terms of performance, the Binance Coin BNB price is not performing as well as some of its competitors. This is a low blow for investors who are now speculative of their investment prospects. Although the trend is overall positive, it is still not as strong as other currencies like Cardano. Nevertheless, potential upsurges may be in order as the Relative Strength Index reached 62.63 before closing, which is more bullish than it is bearish.

The market capitalization for Binance ordered around an average of $3.15 billion, with a minimum value of $3.14 billion and $3.19 billion. The seven-day moving average was also set to be $3.15 billion. The trading volume for the day was estimated to be between $211.94 million and $242.82 million. The median value was $233.08 million, and the seven-day moving average was $223.33 million.

Featured Image by Freepik

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