Binance Coin (BNB) Price Analysis: A Day of Volatility and Opportunity

While the broader cryptocurrency market remains in consolidation, Binance Coin (BNB) has defied the trend with a remarkable surge from $545 to $582.

Binance Coin (BNB) price showed resilience on March 13, remaining in contention despite attempts by sellers to derail the uptrend.

Technical Analysis of BNB

After breaking out of a downward-moving channel, supported by a golden cross in the MACD, and the RSI surging above 70, suggesting an overbought condition, at 04:50, signals for further gains in BNB remained intact.

However, a converging triangle pattern attempting an upside breakout at 12:25, only to fail and herald a temporary price drop, introduced a note of caution.

At 14:30, a minor converging triangle broke out to the upside, causing a buying climax. The price spiked dramatically, reversing shortly after and establishing a strong support level at $550.

As the expanding triangle attempted an upside breakout at 03:15, with the price bouncing at $582, and a downside breakout from the expanding triangle at 05:15, pivoting the uptrend into a range market, brought the possibility of a retest of $582 if the breakout fails.

But a successful downside breakout might see the price drop to $567, pivoting the uptrend into a range market.

What's Next For BNB?

If the breakout fails, BNB could retest the $582 resistance level. However, a successful downside breakout might see the price drop to the $567 support level, potentially turning the uptrend into a range market.

Traders should also keep an eye on the support level at $550, which could provide some cushion for the price if it declines further.

Overall, BNB is showing signs of strength and could continue to rise in the coming days. However, the cryptocurrency market is highly volatile, so traders are advised to proceed with caution.

Where to Trade BNB

You can trade Binance Coin and other leading cryptocurrencies on some of the world's largest exchanges, including eToro and Coinbase. Both platforms allow traders to get started with as little as $10.

eToro is a multi-asset trading platform offering some of the lowest commission rates and a wide variety of payment methods. It's also a great option for social trading, copy trading and advanced charting.

Coinbase is a U.S.-based exchange that offers a secure and easy-to-use platform for buying, selling, and storing cryptocurrencies. It's a good choice for beginners who are just starting out in the crypto space.

Capital is at risk. Covered products include crypto tokens which are not regulated.

Don't have any eToro account? Then open one and claim $100 bonus to start copy trading.

On the other hand, if you're interested in trading BNB with leverage, you can do so on a derivatives exchange such as FTX. FTX offers a wide variety of leveraged products, including futures, options and perpetual contracts.

Finally, if you're looking for a crypto exchange with a large selection of coins and tokens, Binance is a good option. Binance is the world's leading cryptocurrency exchange by volume, and it offers a wide variety of products and services to traders of all levels of experience.

It's important to note that cryptocurrency trading carries a high level of risk, and you should always do your own research before making any investment decisions.

The post BNB Remains Bid Despite Attempts By Sellers To Reroll The Uptrend appeared first on CCNR.