The cryptocurrency market has formed peaks and troughs without major price fluctuations. Binance coin has also currently risen on the price scale after the price fell to $ 30. At the time of going to press, BNB was trading at $ 33.77 and the value was down again.
The market capitalization of the digital asset was reported at $ 4.82 billion, while the trading volume reached $ 582.02 million.
Binance Coin Hourly Chart
Source: BNB / USD on TradingView
The above BNB chart has risen in a narrow ascending channel, however, the price could be on the verge of a breakdown. This outage could lead to the price of the digital asset falling towards the support at $ 32.96.
Reasoning
The Relative Strength Index reflects the peaks and valleys that form in the BNB market. The recent move has pushed it close to oversold, however, the value has again seen plummeting. This could push BNB into the equilibrium zone, but the selling pressure may need to increase further.
The Awesome Oscillator indicator noted the selling pressure in the market and increased when the red bars started to take shape. Even though the AO was above the zero line, the short-term momentum was reduced compared to the long-term momentum. The momentum of retraction could help sell BNB.
Position
Admission: $ 33.48
Stop-Loss: $ 33.77
Cash in: $ 32.45
Risk-reward: 3.47
Conclusion
The short position at $ 33.48 could cause traders to take profit at $ 32.45. This was above the support at $ 32.10. The price was already going down after hitting the resistance at $ 34.26, but once the price breaks through the support at $ 32.96 it could drop to $ 32.
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