As cryptocurrencies consolidate horizontally, the market continues to gain momentum and begins to stabilize. On the other hand, CZ's BNB tokens have been performing weakly for over a month, sparking speculation among investors about the future of BNB tokens?Since early September, BNB prices have been trading within the range
As cryptocurrencies consolidate horizontally, the market continues to gain momentum and begins to stabilize. On the other hand, CZ's BNB tokens have been performing weakly for over a month, sparking speculation among investors about the future of BNB tokens?
Since early September, BNB prices have been trading within the range. After the price fell, the token began trading within the combined range of $211.5 and $218. The Coin fell further in mid September, causing it to fall below the support level and test the support level of $200.
The market quickly rose, and BNB prices rebounded above $211.5 and continued to appreciate. They were later rejected at $221.7, forming a resistance zone. The BNB coin plummeted to $211.5. In addition, BNB tokens failed to maintain this level, fell below it, and formed a new support area at $207.
The Coin gained further momentum and began to rise, but was once again rejected in the resistance zone of $221.7, causing the Coin to fall back to the support level of $211.5. The token is currently testing the support area and is expected to break through soon, which may result in any outcome.
The MACD shows a decreasing red histogram near a neutral level, indicating that there may be a large-scale price trend in the coming days. The chart further shows the possibility of bullish convergence, which may lead to rapid price appreciation.
Will BNB prices rebound?
If the bulls try to gain strength and push the price above the resistance level of $211.5, then the coin will gain value and be ready to retest the resistance level of $221.7.
On the contrary, if a bear gains value and the price fails to maintain its price above that level, the price will start trading under the bearish influence and quickly test the support level of $204.
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