BNB/USD Medium-term Trend: Bullish

Distribution territories: $6.50, $7, $7.50
Accumulation territories: $4, $3.50, $3

Last week, between December 5 and 7, BNB/USD market valuation fell significantly after witnessing a high mark of around $6.70. The market dropped southwards against the trend-lines of both the middle Bollinger Band and the 50-day SMA on December 6 to find a new low mark briefly below the $4.50 market territory on Dec. 7.

Between then and until early parts of today’s trading sessions, the crypto ranged between $5 and $4.50 territories. As at now, the crypto is pushing northwards a bit above the $5 territory. The upper Bollinger Band has been stretched to touch the 50-day SMA from below. The Stochastic oscillators have headed upward to point north around range 70.

As the crypto is currently trying to push further northwards, $4.50 market territory remains the critical point that shouldn’t be broken southwards if a reversal emerges later on.

The BNB/USD market has mainly been on an increase this week in the short-term run. The market has maintained a trading position over the 50-day SMA’s trend-line unlike yesterday, the crypto moved in a range below the 50-day SMA’s trend-line.

The middle Bollinger Band is located a bit above the 50-day SMA. The Stochastic Oscillators have crossed in the overbought zone to point south. That could mean bulls are getting weaker presently in the market.

The $4.80 market territory could stand as a current pivotal point as it is also the location at which the 50-day SMA is found now. A breakdown of the said point could lead to a fall below the $4.6 mark.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

167 +