Binance Coin (BNB) Shows Strong Resilience Despite Bear Market
At first glance, it is clear that BNB has had its fair share of bloodshed in 2018, but it has actually fared quite well compared to nearly every other altcoin — even beating out big players like Bitcoin (BTC) and Ripple (XRP).
At the time of writing, BNB is down 78 percent while the first and second-ranked BTC and XRP have lost 83 and 89 percent respectively.
Since November, BNB has fallen from $10 to $5 before bouncing back to $7 and quickly slipped back below $5 last week.
Considering the stochastic RSI is nearing the overbought territory and the continuing downward trend in the market as a whole, it is most likely that BNB will continue to take losses in the coming weeks. If the $5 support holds, it could act as a strong horizontal support for BNB to consolidate until it has enough power to break through the descending line. Its first target would be to break above the 0.236 Fibonacci retrace level around the $8 mark.
Binance appears to be coming close to releasing its decentralized exchange (DEX). If successful, BNB could see huge gains in 2019, especially if the market reverses.
Traders should be cautious of BNB falling to the next level to the downside around $2.75 — a strong resistance and support level created last year during the bull run.
Read the entire analysis @ BeInCrypto: beincrypto.com/binan...despite-bear-market/
At the time of writing, BNB is down 78 percent while the first and second-ranked BTC and XRP have lost 83 and 89 percent respectively.
Since November, BNB has fallen from $10 to $5 before bouncing back to $7 and quickly slipped back below $5 last week.
Considering the stochastic RSI is nearing the overbought territory and the continuing downward trend in the market as a whole, it is most likely that BNB will continue to take losses in the coming weeks. If the $5 support holds, it could act as a strong horizontal support for BNB to consolidate until it has enough power to break through the descending line. Its first target would be to break above the 0.236 Fibonacci retrace level around the $8 mark.
Binance appears to be coming close to releasing its decentralized exchange (DEX). If successful, BNB could see huge gains in 2019, especially if the market reverses.
Traders should be cautious of BNB falling to the next level to the downside around $2.75 — a strong resistance and support level created last year during the bull run.
Read the entire analysis @ BeInCrypto: beincrypto.com/binan...despite-bear-market/
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