The cryptocurrency market is bleeding again. Indeed, the value of Bitcoin depreciating regularly during the last trading sessions. On the other hand, the closely related altcoin market has also highlighted the change in market dynamics. On the contrary, Binance Coin [BNB] visibly resisted the pressure of sellers on the charts.
Binance Coin 4 Hour Chart
Source: BNBUSD on TradingView
The attached 4 hour chart for BNB highlighted the long phase of consolidation in the market. While the price of crypto has been hovering between $ 40 and $ 43 for quite some time.
As noted above, its market was resisting the downward pressure. But the general market trend and further consolidation could push the coin’s value lower on the chart.
Reasoning
Market volatility increased as Bollinger Bands diverged. This suggested that traders were constantly pushing the price. During this time, the trend was on the side of the bulls. The 50 moving average appears to provide support for the price reaching the resistance at $ 43.
Given the decline in the rest of the market, BNB was increasingly overbought, which could mean buyers were pushing the value higher. On the contrary, market momentum was also weak at the time of publication, a development which suggested that the trend reversal would be difficult.
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