Prices for Binance Coin (BNB) Remain Stable: Why Is It Holding Up?

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Binance (BNB) has been one of the only cryptocurrencies to record consistent price performances this week as the majority of cryptocurrencies have slumped. Binance Coin (BNB) was down 8% in the previous day’s trade at $274. In contrast to the performance of the majority of the major coins, this drop is nevertheless fairly steady.

Binance is currently regarded as one of the greatest performers in the industry. Although the currency has been outperformed by Bitgert and Centcex as the best-performing currency in the market, the latest news of Bitgert walking out of the contract is the reason why the coin has plunged. Binance is, however, attempting to overcome the bears by attracting a lot of new investors.

Key Binance Coin Levels to Watch — November 13

Binance Coin’s (BNB) price continues to drop in value since it peaked at $356.00 earlier in November. Towards the end of last month, BNB experienced a steady rise in value, moving from strong support at $262.00 to reaching $356.00 on the 4th of November.

Prices for Binance Coin (Bnb) Remain Stable: Why Is It Holding Up?

On the 9th, the BNB price caved into a strong bearish pressure that pushed the price down to the demand level of $262.00 Although that bearish move allowed for a strong retaliation from the bull the next day, this was not enough to mitigate the effect of the last day’s drop. The effect of this is now seen as the market has again been taken over by the bears, like most other major cryptocurrencies.

The True Strength Index indicator indicates a strong curve in the price standings, although it has yet to reach the signal line to give any significant indication. However, the Stochastic Oscillator indicates that the price has reached an oversold level, at which point holders can hope for a trend reversal. It is expected that when the price returns to the support level at $262.40 (which has continued to be a strong demand point), the trigger for a bullish reversal will take place.

Binance Key Levels

Resistance Levels: $297.80, $356.00, $448.70
Support Levels: $198.80, $262.40 $377.80
 
Total Market Capitalization: $848.56B
Binance Coin Market Capitalization: $23.37B
Binance Volume: $14.30B
Market Rank: #4

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.