Binance Coin Corrects After Hitting ATH but Draws Ascending Channel

Binance Coin (BNB) News

At the time of writing, Binance Coin was seen trading with a cumulative bullish sentiment and drawing an ascending channel right from the mid of the last month of the previous year, i.e., December 2020. As mentioned in Binance Coin Prediction, the coin is an investment of long-term just like Ethereum, and an uptrend was snapped from March to Mid-December 2020, which is now followed by an ascending channel.

BNB coin is definitely reaping the benefits of the Binance ecosystem developed and run by the team and CEO of Binance. In this regard, Binance Coin is now one of the top 10 cryptos of the global market, which it has now left behind Stellar, BSV, XMR, etc.

Binance Coin Price Analysis

Binance Coin, at the time of penning down, was seen trading 2 Dollars below the immediate support then, i.e., $40 after it had hit an ATH at $48.5 in the previous week. Having extend an uptrend from the yearly lows hit in March 2020 to the current high BNB coin has gained over 650% in less than a year.

With an ascending channel, the bullish candles are inclined towards the upper 20-day Bollinger Band on the 2-day chart, but with intraday sluggishness, we see a red candle forming and breaching the channel below $37. This happened in the wee hours of the trading session today, but the supports remain active, and with moderately widening BB, it is likely to reflect near-term bullish volatility.

The technical overview is bullish due to the ascending channel, and with the growing price, the demand remains explicit, and the RSI lies at 60.81.