In contrast to the rest of the major cryptocurrencies, BNB has not dropped as much. Most cryptos have dropped far lower than what they did back in September when the overall market crash happened.
BNB is currently in daily and weekly downtrends, however, the digital asset is still trading almost 3 times higher than it was back in January of 2019. The bulls are now looking to change the daily trend after the recent bounce. They would need to set a lower high first and then a lower high followed by a break of the recent high.
Even if the bulls keep up the pace, it’s still going to take a minimum of a week to change the daily trend. The weekly chart is also in a downtrend. If the bulls can change the daily downtrend, the weekly won’t prove as difficult.
The monthly chart is where BNB strength lies. It’s in a clear and strong uptrend with increasing bull volume and decreasing bear volume. The bulls are simply looking for a higher low compared to $4.12. This consolidation is in fact quite healthy even though the bulls have lost the 12-period EMA. The RSI has cooled off quite a bit from a high of 82 points back in May.
It’s clear that BNB is in a huge uptrend long term. If Binance continues to launch new and better products or services, BNB could very well take the lead again.