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Binance Trade Choppy Near $210: What’s Next?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on September 06, 2023 | 2 min
Updated on Sep 07, 2023
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  • Binance Coin (BNB) exhibits a neutral trading stance, anchored by a strong support around the $210 mark.
  • Dissecting key oscillatory indicators, we find contrasting narratives: the RSI, resting at 44, hints at a bearish tilt, while the MACD’s above-zero placement suggests possible bullish momentum.
  • The hovering of the 50-day exponential moving average near $215 indicates current market ambivalence.

Amidst a fluctuating cryptocurrency market, Binance Coin (BNB) exhibits volatile trading patterns, oscillating close to the $210 mark. With prominent crypto-assets like Bitcoin and Ethereum showcasing mixed signals, all eyes are on BNB’s next move. As traders and investors grapple with the coin’s recent tumultuous behavior, the pressing question emerges: Where is Binance Coin headed from this critical juncture?

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BNB/USD Price Chart
BNB/USD Price Chart – Source: Tradingview

Binance Cash Price Prediction: Technical Outlook

Today, the real-time price of BNB stands at $214.43, accompanied by a trading volume of $294,793,276 over the past 24 hours. BNB has witnessed a slight decline of 0.15% in the same timeframe. As per CoinMarketCap, BNB currently occupies the #4 position, boasting a live market capitalization of $32,989,562,375 USD. The circulating supply is noted at 153,849,755 BNB coins.

 

From a technical analysis standpoint, Binance Coin (BNB) currently trades with a neutral posture, having fortified a robust support at approximately the $210 threshold. A review of the four-hour chart elucidates a distinct trend line buttressing BNB’s current valuation. A sustained close above this metric could potentially usher in an optimistic surge for the coin’s daily trajectory.

 

However, a closer inspection of oscillatory indicators, namely the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), yields ambivalent indications. The RSI, stationed at 44, currently resides beneath the midline of 50, suggesting a prevailing bearish sentiment. In juxtaposition, the MACD histogram’s position above the baseline subtly implies that bullish undertones may dominate.

 

Moreover, the 50-day exponential moving average gravitates around the $215 benchmark. The continual flux of price candles around this demarcation underscores a prevailing market indecision. In light of these mixed signals, the steadfastness of the $210 level remains paramount. Should BNB maintain its stance above this juncture, it might set its sights on an imminent resistance at $215. A conclusive surmounting of the $215 barrier could pave the way towards $220, and possibly even extend to $225. Conversely, should the coin falter beneath the $210 foundational support, a trajectory aiming at the $200 mark emerges, with a further dip possibly reaching the vicinity of $195. In summation, BNB’s fate for the day hinges critically on the $210 fulcrum.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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