Binance Coin price analysis: BNB price consolidating below $30

The consolidation is evident in the Binance Coin price analysis charts since the currency is stagnant at twenty-nine dollars ($29) moving in the small margin of one.

The ERC 20 token backed by one of the largest cryptocurrency exchanges in the world Binance the cryptocurrency has been performing well since inception.

Binance coin price chart by Trading View

As evident in the chart, the price is jumping by 0.1 to 0.4, however, it is unable to break past the key resistance point at thirty ($30).

Binance Coin price analysis prediction

A consolidation period seems to be afoot Binance Coin’s future. Binance Coin (BNB) left its daily trend behind on August 8 but the fifty days (50) moving average (MA) was still not crossed by BNB; hence, it stayed in the red zone.

The twenty (20) day exponential moving average (EMA); bullish- along with the relative strength index (RSI) stationed at the 50 point mark, have nothing but consolidation in store for the cryptocurrency.

Binance Coin price chart by Trading View

The consolidation region will be enclosed between twenty-four ($24.1709) dollars and on the higher side, at thirty-two ($32.50) dollars.

If things go bullish, after the consolidation period ends, then BNB price can be expected to receive support on the eighteen dollar mark ($18.30). Previous analysis dictates that BNB will be on an all-time high after it breaks off from the consolidation.

While Bitcoin Cash saw a hell of a day on the other hand when the currency hit the lowest and highest point of two weeks on the same day.

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