-BNB retraces -46% from ATH of $347
-Daily chart confirmed breakout of descending triangle
-MACD signals bullish for the first time in 11 Days on the 4hr
BNB experienced massive growth throughout February growing nearly 600% in value in a mere 19 days. Since reaching highs of $347, BNB has experienced a healthy correction of nearly -46%.
BNB had set a low on the 22nd of February while most of the cryptocurrencies set lows on the drop that occurred today. This can be looked at as an indication Bulls have more confidence in a rebound rather than other top coins in the market that set a lower low today compared to BNB's higher low.
While looking at the chart, we can conclude the price created a clear descending triangle the last 9 days. The last 4hr candle close is signaling the downtrend may be broken and price will start revive to higher support zones. There is always possibility of a retest of the top trend line (black).
Major support zone comes in around $195. It is evident that the price of BNB did not want to be below the 4 hour 100 MA. If these two levels can hold, this will indicate a bullish upward move.
Looking at the MACD, the last 4 hour candle close has sent the histogram green for the first time in 8 days.This can be interpreted as the trend is starting to shift bullish. Confirming the bullish view of the MACD, the MA's have crossed bullish for the first time in 8 days.
-Daily chart confirmed breakout of descending triangle
-MACD signals bullish for the first time in 11 Days on the 4hr
BNB experienced massive growth throughout February growing nearly 600% in value in a mere 19 days. Since reaching highs of $347, BNB has experienced a healthy correction of nearly -46%.
BNB had set a low on the 22nd of February while most of the cryptocurrencies set lows on the drop that occurred today. This can be looked at as an indication Bulls have more confidence in a rebound rather than other top coins in the market that set a lower low today compared to BNB's higher low.
While looking at the chart, we can conclude the price created a clear descending triangle the last 9 days. The last 4hr candle close is signaling the downtrend may be broken and price will start revive to higher support zones. There is always possibility of a retest of the top trend line (black).
Major support zone comes in around $195. It is evident that the price of BNB did not want to be below the 4 hour 100 MA. If these two levels can hold, this will indicate a bullish upward move.
Looking at the MACD, the last 4 hour candle close has sent the histogram green for the first time in 8 days.This can be interpreted as the trend is starting to shift bullish. Confirming the bullish view of the MACD, the MA's have crossed bullish for the first time in 8 days.