Binance coin returned to one of its highest levels in the two years. During the previous intraday session, it had one of the biggest surges that facilitated a new two-year high.
The asset started exchanging at $537 but experienced a tremendous increase following its dip to $531. It flipped one of the biggest resistances it used to have at $570. After breaking the said mark, it continued upwards as it retested another key level which it hasn’t tested since November 2021, $640.
Although BNB failed to break the mark, this shows it’s edging closer to its all-time high. The question that follows is if we will see another BTC performance of breaking previous ATHs in the current altcoin under consideration.
It comes as no surprise that the coin is currently seeing a massive correction from the previous day’s gains. Following its opening at $630, it saw a sharp increase in selling volume. As a result, prices responded with significant declines. The altcoin retraced to a low of $565 after breaking $600. Nonetheless, at the time of writing, it is exchanging at this critical support.
A look at indicators may hold insight into the next price action. The Moving Average Convergence Divergence is fairly silent as it shows that both the 12-day EMA and 26-day EMA are still on the uptrend. There are also no signs of the metrics closing the gaps.
On the other hand, the accumulation/distribution channel shows that BNB might resume its uptrend. Traditionally, when the price moves and this chart doesn’t, it means the move is unsustainable. The same is playing out at this time. The metric failed to dip with the current price decline. It is steady, which may translate to the coin hovering around a price mark.
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