BNB/USD has produced a significant amount of volatility as it correlates to the broad cryptocurrency market which remains jittery.
Binance Coin is around $373.0000 in early trading this morning after challenging lower depths late last night. BNB/USD is correlated with the broad cryptocurrency market which has seen another wave of jittery selling over the past three days. At 1st In March, BNB/USD looked set to renew its attempt to break out of its downtrend, when it hit a high of around 423.0000.
However, BNB/USD has been trading steadily lower since then, and its choppy conditions have become a rather stark reminder that long-term bearish conditions remain prevalent. This morning’s lows of nearly 366,0000 tested depths not seen since the 28thand from February. Support levels seemed to be holding for the time being, but if another lower track starts to be demonstrated and the 365.0000 ratio is flirted, it could trigger another wave of nervous unrest that could test medium-term lows. .
From a risk-reward perspective, given the strain on cryptocurrencies and other financial assets at the start of the week, the search for downside BNB/USD price action could be more difficult. turn out to be the logical bet. While higher resistance levels are certainly near, the 376.0000 mark will need to become vulnerable and breached. Until the ratio of 379.0000 is actually broken, traders can remain skeptical of the bullish momentum.
Yes, just yesterday BNB/USD was trading near the 385.0000 junction, but that level experienced a rapid downward reversal when approached. Perhaps a speculator with short-term ambitions and the ability to bet on quick buy positions may want to bet on an upside move that they believe will thrive, but headwinds may continue to blow. be strong in BNB/USD, especially if the vast cryptocurrency market stays inside. a short-term negative mode.
Short-term sellers of BNB/USD should use risk-taking tactics wisely. Entry price orders are recommended as BNB/USD can produce rapid movements. Looking for further bearish movement can be a solid speculative decision. If the support levels at 372.0000 fail to dampen the selling, then a sincere test of 370.0000 could emerge. If the 369.0000 mark proves attractive and Binance Coin prices remain around this lower level, there is reason to suspect that further selling will be demonstrated in the near term.
Binance Coin Short-Term Outlook
Current resistance: 379.9500
Current support: 369.2500
High target: 387.5200
Low target: 356.0000