Binance Coin (BNB) post modest intraday gains rising to $854.00 early Tuesday morning in New York, reversing the previous day’s pullback from a two-week high.
Still, the altcoin stays on the way to posting a second consecutive monthly loss, despite looking at the third yearly gain in a row.
Notably, the Binance Coin price remains within a seven-week-old symmetrical triangle formation. That said, the symmetrical triangle portrays BNB consolidation since early November, and an upside break of the pattern could lure the bulls.
Meanwhile, BNB posts the first “Death Cross” bearish moving average crossover since March and challenges the buyers. Notably, the “Death Cross” bearish signal is formed when the short-term moving average pierces the long-term moving average from above. Here, the 50-day Simple Moving Average (SMA) is considered a short-term moving average (MA), while the 200-day SMA is a long-term MA.
It’s worth observing that a pullback in the trading volume and a steady market capitalization (market cap) also raise doubts about the altcoin’s further advances. According to Santiment, Binance Coin’s daily trading volume retreats from an 11-day high to $2.03 billion, whereas the market cap seesaws around $117.69 billion, after hitting a two-week high on Sunday.
Hence, there prevails a tug of war between the buyers and the sellers, while the year-end consolidation adds pressure on the Binance Coin price. Let’s see how it could play out!
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Binance Coin Price: Daily Chart Portrays Consolidation
On Monday, the Binance Coin price poked the descending trendline from November 10, forming part of the seven-week-old symmetrical triangle, but failed to cross the hurdle.
That said, BNB’s initial run-up might have taken clues from the early-Monday optimism and an upbeat stochastic momentum indicator, currently above the 50.00 neutral level and suggesting a firmer momentum favoring the recovery moves.
However, the first “Death Cross” since March, a bearish moving average crossover wherein the 50-day SMA crosses the 200-day SMA from below, seemed to have challenged the bulls.
The following pullback didn’t last long, and hence traders face another attempt to cross the symmetrical triangle towards the top, highlighting the $868.00 hurdle that also comprises the 78.6% Fibonacci retracement of BNB’s August-October upside.
It’s important to note that an upside break of $868.00 isn’t an open invitation for the Binance Coin buyers as the 50-day and the 200-day SMAs, respectively near $878.00 and $884.00, could challenge the altcoin’s further advances.
In a case where BNB remains firmer past $884.00, the monthly high of $928.00, the 61.8% Fibonacci ratio of $977.00, and the $1000.00 psychological magnet could flash on the buyer’s radar.
On the contrary, a pullback in the Binance Coin price remains elusive as long as the quote stays beyond the aforementioned triangle’s bottom, surrounding $830.00.
Below that, a bearish breakdown could direct sellers toward November’s low of $791.80 and then to August’s trough, namely the $730.00 level.
Binance Coin Price: Four-Hour Chart Highlights Bullish Channel
On the four-hour chart, the Binance Coin price portrays a five-week-old ascending trend channel bullish chart pattern, currently between $829.00 and $948.00.
That said, the altcoin presently reverses the previous day’s retreat from the 200-bar SMA, close to $869.00.
Notably, the neutral conditions of the stochastic on the short-term timeframe, close to the 50.00 limit, suggest a consolidation in the Binance Coin price before the next upside move.
Apart from the 200-bar SMA and the said bullish channel’s top, the 23.6% Fibonacci retracement of its October-November downside, close to $930.00, also acts as an additional upside filter for the Binance Coin buyers to watch during the quote’s further advances.
Alternatively, a downside break of $829.00 could quickly fetch BNB towards the deeper levels discussed on the daily chart.
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