The past week has witnessed a relatively stable Binance Coin (BNB). However, the United States Traders Ban put in place by Binance resulted to a significant price drop below two major support levels. A $20 psychological support level and the $19.65 EMA support level on the monthly trade chart.

At least, the bear movement failed to last long, thereby enabling the bulls to form an amazing price rebound. Nevertheless, the major bearish price movement happened for over two hours creating another two hours of bullish price action. Meanwhile, the bulls are now attempting to break beyond the 26 Day EMA in a confirmed uptrend; following a break above the 12 Day EMA on the 4 hour Chart.

On the other hand, the hourly chart is surging at a steady trend with a bull cross upon the EMA’s. In fact the bulls have more room for growing given the Relative Strength Index isn't already yet in the overbought support area. 
<h2>Resistance Strength Index Could Motivate BNB Bulls</h2>
In case the bulls maintain  steady momentum; a Bullish Hammer Candlestick  forming around the daily chart could end up experiencing an uptrend continuation today or tomorrow. Unfortunately, Binance Coin is still trading below both EMA’s and the daily chart is still in a downtrend. Despite either factors though, a <a href="https://www.investopedia.com/terms/r/rsi.asp">Resistance Strength Index (RSI)</a> is around the oversold area which could propel the bulls. 

Nevertheless, it is worth noting the Binance platform has plans underway for open registration and deposits to the <a href="https://www.cryptoknowmics.com/crypto/the-binance-u-s-to-launch-first-crypto-exchange-information/">new United States exchange</a> on September 18. However, trading will commence later on in the course of the month. 

The BNB weekly chart shows a steady downtrend and either EMA’s are far away at $24.68 and $26.54 respectively. In comparison, the Monthly Chart continues in a massive uptrend and the bulls are still proving their strength defending the hurdled 12 Day EMA. Given the volumes, it seems a lot of strength for the bulls as the recent bearish months, have been trending towards a volume decline. In comparison to a stuttling volume increase in the following bullish months.

Binance Coin (BNB) Surfaces Quick Recovery from an Under $20 Plunge

The past week has witnessed a relatively stable Binance Coin (BNB). However, the United States Traders Ban put in place by Binance resulted to a...

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Binance Coin (BNB) Surfaces Quick Recovery from an Under $20 Plunge

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