Binance Coin made a large move during the week on the back of the announcement regarding upcoming release of Binance Chain.
Binance CEO Changpeng Zhao (CZ) hopes to host millions of coins and thousands of blockchains on the platform in the future.
The upcoming launch of Binance’s decentralized exchange (DEX) also boosted sentiment. The constant complain of the naysayers has been a lack of mainstream usability. However, with a partnership with Tripio, Binance has offered the opportunity of using BNB at 450,000 hotel locations. Though the fundamentals are improving, let’s see what the chart forecasts.
The BNB/USD pair gave up a lot of ground between Nov. 14 to Nov. 25. During this period, the price dropped by about 53 percent. Thereafter, the bulls attempted to bounce from the critical support zone of $4.8355125-$4.5200621. The pullback broke out of the 20-day EMA, which was trending down but the bulls could not sustain the higher levels.
The digital currency turned around and slumped sharply on Dec. 6 and 7, resulting in a new low. The bears are attempting to resume the downtrend, while the bulls are trying to pull back from the current levels. The RSI is showing a positive divergence, which is a bullish sign. We anticipate a trend change if the price breaks out of $7 levels. Traders should wait for a new buy setup to form before investing.
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