The market has once again entered into recession and the capitulation of profits has passed on this occasion to pump the native token of the world's largest exchange, Binance, with its native currency Binance Coin.
At the time of writing the MarketCap of the ecosystem in general remains stable above the psychological barrier of $ 300 billion and the main reference, Bitcoin has a domain of 69 percent, retreating a percentage point in relation to yesterday's day .
In view of the fact that not everything can be negative for the market, the exhaust valve on this occasion has been used by the BNB token to increase its profits by up to + 6.05% when quoting at the time of writing at a spot price of $ 31.12 USD the unit, with a market capitalization close to five billion dollars that keep it in the sixth box of the most important cryptocurrency ranking. Binance Coin for now, is the only asset of the select Top 10 with positive ground today.
The BNB market is naturally dominated in its native exchange, where it has the largest share of participation with 42 percent of the price distributed in the BNB \ USDT and BNB \ BTC pairs.
Short Term Projection: Bullish.
Within the 1H time frame in the Binance exchange for its native token, BNB presents a perfect ascending staircase with well-accentuated steps at levels of $ 27.4- $ 29.4- $ 30.6, drawing a perfect Elliot impulse wave that is expected to reach R1 levels @ $ 32.5. Its base support coincides with the level under which this ascending pattern has been formed since yesterday, Wednesday, August 7, 2019 @ S1 $ 27.4.
The Aaron indicator is totally bullish, with its green signal at the top of the chart and its bearish counterpart directly to the basement.
The Stochastic indicator on the other hand indicates a strong buying pressure on BNB, which keeps the bullish signal at levels of 80 very close to the overbought zone.
Momemtum on the other hand is positive and has generated a favorable traction for the price of BNB with respect to the previous day, after its break of the $ 30 barrier.
Medium to Long-term BNB is BULLISH.
In the 1D chart for Binance's native token, the presence of an ascending triangular perfect pattern is more than evident, with a strong wedge at the levels of S1 @ $ 26.98 and a growth projection of up to + 23.06% profit for the token if it manages to arrive as expected at levels of R1 @ $ 38.74, very close to the top of the $ 40 that we think will reach without any problem in the medium term.
The RSI indicator shows a recovery in the purchase levels of the token, after it has entered the purchase area with values close to 60.
The AO indicator shows us a green candle with less amplitude in its negative histogram suggesting a change of pattern for an ideal moment of entry that will be the beginning of a new ascending rally that could trigger at the $ 40 level.
Momemtum for its part shows us the current upward trend with positive values of +5 and strong projection to double it in the medium term.
The emergence of BNB since May 2019, when crypto winter ended up to levels close to $ 40 is feasible once again in the minds of many traders, after knowing the news that the tokens supported by Binance Launchpad have witnessed excellent benefits in the last days.
The massive use of BNB for these projects, and similar ones supported by the new Unicorn, Binance, has been a trigger for a chronicle announced at the beginning of this year 2019. By that time, BNB has multiplied its price by x8 since the end of the year past.