Binance coin may very well be one of the best long-term investments in crypto right now. With CZ Binance actively promoting it on Twitter and its impressive recovery from the recent low of 211$ on May, 23rd is it still the best option out there?
BNB Exponential Moving Averages Analysis:
Looking at the 1D timeframe, we can say that the region 425-450 act as a resistance rejecting it twice already, once before low on 20th May and once after low on 4th June, and to add to its struggle the ema lines of 32 and 55 are intersecting in the same region as well right now. So, it is safe to estimate that the binance coin will have a tough time for a few days as the bull run is concerned and the market will be going sideways for a while.
BNB Ichimoku Kumo Cloud Analysis:
After a bearish rally from a high of 685$ to 211$, the lagging span in the Ichimoku Kumo chart is near the candles which is an indication of my aforementioned conclusion. Also, the upcoming kumo cloud is red suggesting a rough time stamp for the binance coin.
CONCLUSION:
With the current situation of Bitcoin , it isn't something unexpected thou. With Binance NFT Marketplace right around the corner, there is hope for $BNB to break the resistance region and reach new heights rallying above 600 again until then hold your bags and hope for the best.
BNB Exponential Moving Averages Analysis:
Looking at the 1D timeframe, we can say that the region 425-450 act as a resistance rejecting it twice already, once before low on 20th May and once after low on 4th June, and to add to its struggle the ema lines of 32 and 55 are intersecting in the same region as well right now. So, it is safe to estimate that the binance coin will have a tough time for a few days as the bull run is concerned and the market will be going sideways for a while.
BNB Ichimoku Kumo Cloud Analysis:
After a bearish rally from a high of 685$ to 211$, the lagging span in the Ichimoku Kumo chart is near the candles which is an indication of my aforementioned conclusion. Also, the upcoming kumo cloud is red suggesting a rough time stamp for the binance coin.
CONCLUSION:
With the current situation of Bitcoin , it isn't something unexpected thou. With Binance NFT Marketplace right around the corner, there is hope for $BNB to break the resistance region and reach new heights rallying above 600 again until then hold your bags and hope for the best.