Binance Coin price in a downtrend after ascending

Binance Coin price is on a drop today after breaching the ascending triangle that gave it a boost during the last two days.

The Malta-based cryptocurrency exchange Binance is going through different developments, but it seems as if these developments do not have any significant influence on Binance (BNB) price, Binance’s native cryptocurrency.

Binance Coin price has been falling by a little over three percent at the time of writing. Last week the price of the coin plummeted to a little over fifteen dollars ($15.12) and reached a six month low. Currently, the market value of the 8th largest cryptocurrency is valued barely over fifteen dollars ($15.06).

The Long-term chart indicates that the coin’s price was just about to reach another fall.

Binance Coin price movement: What to expect?

Binance Coin price chart reveals an ascending channel and a price action between to upward sloping lines was recorded.

One of the lines joined higher highs which are sloping at a little over fifteen dollars ($15.74), a little over fifteen dollars ($15.88) and a little over sixteen dollars ( $16.15).

Binance Coin price chart - 29th September 2019Binance Coin price chart by Trading View

Whilst the other line indicates lower highs at a little over fourteen dollars ($14.69), a little over fifteen dollars ($15.29) and a little over fifteen dollars ($15.39). Furthermore, it can be assumed from the pattern of ascending channel that the altcoins’ price might drop.

The on the moving average (MA), fifty (50) MA line was under the hundred (100) MA line, showing that a bearish trend similar to the exhibited pattern. Nonetheless, the moving average convergence divergence (MACD) indicates the presence of a bullish trend in the market as the MACD line was over the signal line.

According to the sixty hours (60hr) chart, Binance Coin’s price is moving towards a downtrend, as it is expected to breach out the ascending channel.

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