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๐Ÿ“ˆ Daily TA: Binance Coin (BNB/USD) | 25-11-2021

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cryptospa
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All Time HIVE and hodl, dear members of LeoFinance!

Today I would like to comment on the price chart of Binance Coin.

In the daily chart (1D), BNB/USD is starting to approach the level of the all-time high (ATH) from May 2021 or approximately $704,60: As can be seen from the chart, this is going to be the next attempt to surpass the ATH and restart the uptrend.

If we have a look at the 4-hour chart (4H), we can see that BNB/USD has formed an Ascending channel (uptrend): As can be seen from the chart, right now, the price is at the upper line of the channel and is consolidating. So, theoretically, the upper line of the channel act as resistance. If BNB/USD breaks through this line then the probability that the ATH will be renewed will increase.

That's why it is worth keeping an eye on the 1-hour chart (1H) as well, where BNB/USD is trying to accelerate the uptrend: As can be seen from the chart, within the ascending channel in the 4-hour time frame there is a more steep/bullish ascending channel in the 1-hour time frame. So, actually, this is what I call an attempt for the uptrend acceleration. In my view, because of this uptrend acceleration the probability that BNB/USD will attack the level of the ATH increases.

Moreover, I want to outline that, according to the Moving Averages (MAs) in the daily chart (1D), the uptrend remains in place. All three key MAs, namely, the 30-day MA (MA 30), the 90-day MA (MA 90), and the 360-day MA (MA 360), are heading upwards: Also, there is a bullish distribution of the MAs - at the top is MA 30, then, in the middle, is MA 90, and at the bottom is MA 360. Right now, the price is consolidating at MA 30. If MA 30 provides enough support for the price then a rebound may take place and a subsequent uptrend renewal that will easily bring the price to the ATH from May 2021.

Last but not least, I want to highlight that, on the monthly chart (MN), if BNB/USD closes the month at the current level or higher then it will record the highest closing monthly price: If this happens then we will receive a solid bullish signal in the monthly time frame hinting at a potential uptrend renewal. In this case, a new ATH will be just a matter of time.

To be continued ...

As of the time of writing, one BNB costs $636,80 on the Binance crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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