BNB/USD Medium-term Trend: Bullish
Distribution territories: $7.50, $8, $8.50
Accumulation territories: $4.50, $4, $3.50
Binance Coin has been strongly making a rebound movement against the US dollar market valuation since yesterday while both the middle and the 50-day SMA were breached northwards to touch the upper Bollinger Band. Both the two last week’s closer dimensional zones have now been erased by virtue of the crypto’s strong driving force in the market presently.
During the last week’s trading sessions, the crypto-market ranged around the $5. 50 until part of yesterday’s early trading hours. The upper Bollinger has been under intense stretching force by the BNB. The middle Bollinger Band is a bit located over the 50-day SMA. The Stochastic Oscillators have crossed at range 75 to point north direction below it.
Bulls are making a strong effort to consolidate their stand now in the market but the $5.50 is the market mark to suggest a downturn of the trend.
BNB/USD Short-term Trend: Bullish
As at the commencement of trading session this week, the BNB/USD market moved in a ranging mode until part of morning sessions yesterday. A spike occurred at the 50-day SMA’s trend-line to touch the upper Bollinger Band.
The crypto has now continued to build its driving strength against the upper Bollinger Band as the $6.50 mark has been the contending point to be broken northward to further support its bullish trend. The 50-day SMA is located underneath the Bollinger Bands. The Stochastic Oscillators have penetrated into the overbought zone.
However, bulls may soon relax their strength for a while but the $5.50 mark is the point that could signal an end to the current bullish movement if fiercely broken southwards.
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