BNB has been the strongest cryptocurrency the first half of 2019. The amount of positive news that Binance came up with, helped BNB tremendously. Now it seems that the hype is finally over and BNB is experiencing a pretty rough downtrend in the short term.
The daily chart is showing an extended downtrend and today another 8% crash pushed BNB below the last daily support. This was mostly caused because of the other coins breaking out bearish of their equilibrium patterns.
The weekly chart has switched to a downtrend and the bears were able to break below the 26-day EMA, however there isn’t a lot of volume behind the latest moves.
Although the short term is looking rough for BNB, the long term still looks really good, in fact bulls aren’t worried at all, the monthly chart is still in an uptrend and the bears would need a tremendous amount of momentum to change that. The 12-day EMA is all the way down at $20.09.
The monthly chart really looks like a textbook example of an uptrend, increasing bull volume for 4 months in a row and decreasing bear volume for the last 3 months.