Binance Coin: A Real Power Or Just A Newonce?
Binance Coin was created to revolutionize the cryptocurrency industry. At least, that is what Changpeng Zhao said. Is it really a revolutionary coin? Or is it just a shell cryptocurrency?
Last time, we looked closer to Cardano chart. Today, we want to check what happens on the BCN chart. Is it heading to the top, or is it going down? Check out.
The big swing
In the middle of May, Binance Coin made a significant move, when it defended the support at 0.0028530, and the demand took the initiative. The technical resistance of 0.0043865 was reached. However, the supply quickly came into play, and the quotations dropped by 0.0006320.
The range of swings in May was quite substantial. It amounts to over 0.0015200 points on BNBBTC, which is about 25% from the minimum to the maximum level set by Binance Coin. Despite this result, we are still in a broad consolidation.
Actual state of mind
Currently, BNBBTC has stopped in the parallel channel between 0.0035860 and 0.0039780, designated by the strong reaction of supply from May 19 and demand from May 21.
In recent days, positive moods prevail on BNBBTC market. Although the quotations do not reach significant growths, the demand side still defends the levels of the parallel channel. However, the downtrend dominates inside this channel.
There is a high probability of getting to the lower trend line of parallel channel at 0.0039780, where the fight between buyers and sellers will take place. If the demand maintains this support line, we can expect increases to the upper limit of the channel at 0.0039780, and its permanent breakout would open the way to 0.0043865. However, if the strength of supply, which creates the direction in the parallel channel, still dominates, breaking through the lower line would result in a decrease to the May minimum of 0.0028530.
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