- Bullish correction is building momentum above $11.00 as the bulls target $11.40.
- Binance Coin has the potential to test $12.00 and even correct towards $15.00.
Low trading activity is taking over the cryptocurrency market as we usher in the weekend trading. The market is slightly in the green but the bears are still in control and cryptocurrencies are trading close to their recent support zones. However, for Binance Coin (BNB), the situation is a little different. The digital asset has defied the bear trend to record gains over 8% in the last 24-hours.
The total market capitalization is stuck around $130 billion following the declines on Sunday. Bitcoin is trading marginally above $3,800 while Ethereum is motionless at $138. Ripple corrected up and reclaimed $0.32 support while Bitcoin Cash is dancing at $130. The rest of the cryptocurrencies in the top twenty bracket are recording gains below 5% on the day apart from Bitcoin Gold trending 0.79% down according to the live rates on FXStreet.
The market leader, Binance Coin is exchanging hands at $11.05. It had earlier tested the resistance at $11.40 before correcting lower to the short-term support seen at $11.00. The crypto is above both the 50-day Simple Moving Average (SMA) and the 100-day SMA 15-minutes chart. Another bullish correction is building momentum above $11.00 as the bulls target $11.40 resistance level. Binance Coin has the potential to test $12.00 and even correct towards $15.00 as long as it can keep the price above $11.00, failure to which it risks declines below $10.00.
BNB/USD 15-minutes chart
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