Binance coin has not had significant increase since the start of the week. The coin hit a high of $516 and a low of $444 during this time. Two weeks ago, BNB was struggling to hold on to the $390. The bid to hold this critical support continued last week but situations improved towards the end of the week.
The inability of the third largest coin to stay above $470 has resulted in the convergence of the 50-day and 200-day Moving Average. The exchange’s coin started a price hike on Sunday that continued into the new week as the coin increased by 3% and the surge continued over the next two days.
The four-day increase has resulted in BNB averting the impending death cross as we noticed both MA maintaining the same distance apart. Is the Binance coin clear from the danger zone?
Market sentiments have changed over the last 24 hours, with the bears having a larger share of the market as of the time of writing. This has caused a chain reaction between prices and the Moving Averages.
The bearish dominance resulted in the Binance token dipping as sellers’ congestion increased. The 50-day MA is also dipping and may intercept the 200-day if the dominance continues – marking the death cross.
More bad news follows as we notice that a crossing may also happen on the Moving Average Convergence Divergence (MACD). The chart above shows the fast line dipping in response to price movements as we this indicator may hint at impending selloffs.
The global cryptocurrency market cap is estimated at $2.56 trillion, signifying a 3.36% drop over the last 24 hours. Crypto derivatives is filled with a lot of activity as the bulls lose more dominance to the bears. As 0f this time, there are more than 52% short positions. The buyers also lost more than $250 million in the last 24 hours as a total of $425 million was REKT.