BNB/USD market retraced the support to $265 after it tested the resistance of $300. And at this point trading indicators are revealing that price action is getting ready to bounce to the upside.
Binance Coin Analysis Statistics Data:
BNB value now: $271.20
Binance Coin’s market cap: $43.41 billion
Binance Coin’s moving supply: 161.34 million
The Total supply of BNB: 161.34 million
Binance Coin’s Coinmarketcap ranking: #5
To that effect, we will pay closer attention to price movements in this market. Consequently, this will enable us to spot trading opportunities that are present in this market. We’ll as well look into the BNB/BTC market too.
Major Price Marks:
Ceiling Marks: $271.20, $275.00, $280
Floor Marks: $264.00, $260.00, $255.00
Binance Coin Price Prediction Today, October 16, 2022: BNB/USD Maybe Attempt to Move Upwards
BNB/USD daily market price action seems to be getting ready to reach higher levels. After price action has arrived at the lower limit of the Bollinger indicator, subsequently testing it, the appearance of a last green candle may be portraying that an upward correction may have started. Additionally, the RSI has been able to reach the oversold zone uninterrupted. Furthermore, these curves have performed an upside crossover there in the oversold. Should the RSI curves rise back up smoothly again, then this will result in price action eventually breaking the resistance of $280 to the upside. And, this will imply that price action would have gained significant strength.
Binance Coin Price Prediction Today, October 16, 2022: BNB/BTC Is Pulling Back to the Upside
Price action. on the BNB/BTC market, the afore-noticed upward correction appears much stronger here than the BNB/USD. The last two price candles here are bullish and has pushed price up in this market. Although the RSI curves look mangled lately in the oversold area, it has however performed a bullish crossover.
The RSI’s latest activity portrays the recent buying activities which formed the bullish price candles. It is worth keeping in mind that the RSI is still in the oversold, precisely below the 50% level. Consequently, this implies that the uptrend may still be developing. Nevertheless, traders can position a long order at 0.014160. this will ensure catching the trend when it must have gathered additional momentum.