Binance Coin: The Rise Of A Giant?
Binance is the biggest cryptocurrency exchange in the world. A few months ago, the trading platform launched its own token called Binance Coin (BNC). Now, BNC is one of the most promising coins in the cryptocurrency market.
You often ask us about the most interesting coins in the market. You can already check why Bitcoin went up so high recently. Today, we present you the BNC/BTC chart.
Binance Coin – a new force in the cryptocurrency market
Cryptocurrencies are not a fledgling market any longer and a nearly year of decrease (in the value) does not give any illusions to achieve such significant changes, like over a year ago. The current revival, however, may lead to breaking out of sleep and give the chance for greater price volatility in the coming future.
In the cryptocurrency ranking from February Binance Coin (BNB) was placed on the tenth position, and observed in March increase moved it to the seventh position. Binance Coin is a token of the Binance exchange, and its constant development has undoubtedly contributed to price increases of BNB.
What does the chart say?
At 4h interval BNBBTC we can try to seek out the creation of formation Head and Shoulders (HS). Referring to the theory, the upward trend lasts as long as the next peaks and holes are at a higher and higher level. In the case of Head and Shoulders, the right Shoulder is the peak that is below the previous one. Such a form increases uncertainty in the markets and waiting for the next move. That’s the strength of this formation.
After the first days of the March break through, BNBBTC stopped in the parallel channel 0.0035860- 0.0039780, and then a steady overstrike of the high up resistance to the level of 0.0044000 and the return to the level of 0.0039780 took place. If the scenario of the form of Head and Shoulders were to come true, we may expect the return to the level around 0.0038690-0.0039300. This resistance may stop the buyers’ party until the further development of the growth wave.
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