Binance Coin Price Analysis: Binance Coin crashes $308 resistance into $330 zone

TL;DR Breakdown

• Binance Coin has managed to beat yesterday’s  $330 target.
• Traders are now  anticipating  to crash through  50-day SMA  at $341.
• Barclays banks terminates all credit/debit card transactions to Binance.

Binance Coin Price Analysis: General price overview

Binance Coin has managed to beat yesterday’s target on the daily chart’s 4-hour frame after breaking above $330. The exchange native coin opened the daily chart at a price of $318 and activated three white soldiers into the $320 price level. Slightly corrected back and then flew upwards to the daily high at $333. The upward dash saw the coin crash through several resistances on the 2-day frame. Bulls seem persistent to invalidate the bearish momentum that had gained ground at the start of the week. 

Ideally, traders anticipate to thrust above the 50-day simple moving average at $341, wage more buyer volumes, and trace a continuation to $433. On the downside, rally traders, short-term swing traders, and day traders are likely to exert downward pressure on the event they close their position. 

An essential piece of news surrounding Binance is the termination of transfers through UK-based Barclays bank.  The bank made a statement that it would stop all credit/debit card payments made to Binance to protect its customers. This decision comes days after the Financial Conduct Authority desisted Binance from offering digital asset products without acquiring the right licenses. 

Binance Coin price movement in the last 24-hours

Binance Coin price analysis is presently bullish on the daily chart. The coin broke above the 50 percent FIB retracement level at $321 on the 4-hour chart. This was followed by invalidation of a minor bearish structure starting at $308. As of this writing, Binance Coin has already created a support floor around $310 and $315. Any pullbacks will correct between both price ranges before kickstarting further rallies into the $340 – $350 range. 

Momentum on the RSI is downslopping below 40 into the overbought region, suggesting odds are in favor of the bulls. Besides, the RSI slopped from the neutral zone and could continue oversold conditions or still retreat into the neutral zone. 

The Moving Average Convergence Divergence has marked a bearish trendline on the 1-hour chart and lies within the negative zone. This is an indication of bearish weaknesses and a likelihood of flattening the current uptrend. 

Daily range on today’s Binance Coin price analysis is moderately tight, signifying moderate volatility between a $318  intraday low to a $336 intraday high. The Market choppiness index still indicates high volatility in the upcoming sessions. 

Binance Coin 4-hour Chart

At the time of writing, Binance Coin is trading at $333 against the USD. The price represents an 18 percent gain from yesterday’s floor at $298 and 3 points down from the 50-day SMA.  There is a breakdown from $335 to $332 on the 1-hour chart but a stronger downswing below $330 is not plausible in the short term session. 

Binance Coin price analysis conclusion

Binance Coin has just broken its weekly target at $330 and is now heading for the $340 price zone. The bulls are strong and going hard. Sellers attempted to stall yesterday’s uptrend at $308 but the bulls managed to absorb or selling pressure and steer the coin towards $330. 

Disclaimer. The information provided in this Binance Coin price analysis is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2021-07-07/