It Is a Bull Season for Binance Coin

The BNBUSD is apparently on a bullish market trend as we can observe the candlestick actions with higher lows. The price broke the $320 resistance level on the 8th of August. And currently, it is priced at $329. The market shows the prospect of a further increase in value. The candlestick that ended 31st day of July is known as an inverted hammer. This type of candlestick signals a reversal of the trend. On the 6th of August, such was also the case with a tiny inverted hammer. After this, on the 7th Binance coin broke the resistance level.

The Possibility That the Market Is Being Overvalued

The Stochastic Relative Price Index is Indicating curve activities around the overbought region. This signals imminent trend reversal as the BNBUSD may have been overvalued. However, the reversal may be a short-term reversal as we have observed from the previous market behaviour.

MACD line and the signal line are not performing close to each other, but the RSI indicators show that its curves have come equal (both curves reading 99.2). This may be because of the sentiment of a trend reversal. This is leaving us in suspense about the next direction of the market.

However, in my opinion, and judging from the observations of the indicators, the price may soon reach up to $335. 

 

 

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