In this Binance Coin price analysis, BNBUSD bullish trend is ongoing if the trend line remains unbroken. Nevertheless, the uptrend will be discontinued if the price breaks the trend line and another candlestick closes on the opposite of it.
Binance Coin Price Analysis
Binance Coin (BNB) price was in a bullish trend yesterday. On June 13, the price of Binance Coin reached the $36 overhead resistance level. Nevertheless, BNB bulls met resistance at the overhead resistance level and the price went on a downward correction, dropping to the $31 support level. This support level was holding as BNB bulls make an upward move to the bullish trend zone. A trend line was drawn to determine the duration of the trend. The Binance Coin price is approaching the previous overhead resistance.
On the upside, the bullish trend is ongoing if the trend line remains unbroken. On the downside, the bullish trend is aborted if the price breaks the trend line and another candlestick closes on the opposite of it. In the meantime, the Binance Coin price is facing resistance at the overhead resistance. However, Binance Coin price is at the overbought region of the daily stochastic but above the 80% range, which is an indication that the price is in the bullish momentum and a buy signal.
BNBUSD Price Short-term Analysis
Looking at the 1-hour chart, BNBUSD price was in a bullish trend as it has risen to a high of $35. However, BNB met resistance and the price retraced to the support at the 12-day Exponential Moving Average (EMA). At the 12-day EMA, BNB bulls resumed an upward movement.
From the Fibonacci retracement tool, the BNBUSD price is in the 0.236 Fib. retracement level. BNBUSD price is in the continuation zone of the Fibonacci tool. The daily stochastic is in the overbought region while above the 80% range, which indicates that BNBUSD price is in a bullish momentum and a buy signal.
- Resistance Levels: $36, $37 $38
- Support levels: $34, $33, $32
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.