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Market Analysis

Binance Coin Technical Analysis – Price at Weekly Support

Following it’s unique surge earlier in the week to new ATH’s of  $42, and a string of hugely impressive fundamental announcements, the $BNB token still hasn’t finished it’s price correction. Down over 50% since the June highs, BNB is dangerously approaching the wrong side of the key $20 level. It is trading today at $21, with key weekly support at $20.94 managing to hold….for now.

This weekly level was the springboard in May earlier this year, to those all time highs, and to the surprise of many, we have resisted this level. This is as clear a sign that all Altcoins are suffering majorly in the current market conditions, regardless of how strong the fundamentals are.

Bulls will look to spring from this level once again, however, confidence in any Altcoins cannot be guaranteed currently. Should they not manage to, and the bleeding across the board continues…$15 is by no means out of the question. However, BNB still is as strong an Altcoin as any, and looks primed to benefit as much as any other project should there be a true Alt season.

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