Binance Coin (BNB) Still Pretty Weak

September 20, 2019 By: Lorenzo Stroe

Most of the big altcoin names have changed their daily downtrends into uptrends or at least Equilibrium patterns. BNB has been unable to see significant moves as the 5% day of gains 3 days ago was lost in the next two days. BNB is currently trading at $21.08 and it’s still in a daily downtrend until the bulls can confirm a higher low to confirm an uptrend, however, things aren’t looking too great right now.

The overall momentum of the market could certainly help BNB set that higher low but the price is currently trading below both EMA’s. The 4-hour chart is trying to set a higher low compared to $20 and then break above the high of $21.66 to confirm a 4-hour uptrend. BNB is currently trading below both EMA’s here, however, they are still in a bull cross.

The weekly chart for BNB is still in a pretty rough downtrend with the EMA’s approaching a bear cross. The volume is, however, declining and could signify that a big move is coming soon.

The monthly chart remains bullish for BNB as it is in a huge uptrend and there is really not much the bears can do to change this trend as they have low volume compared to the bulls.

The long term still looks good for BNB, and this pullback is actually healthy and needed.

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