Binance coin price has experienced a bearish outlook even though the BNBUSD pair has been doing everything possible to regain bullish momentum.
Binance Coin Price Technical Analysis
Yesterday, August 5, the price of Binance Coin (BNB) was in a bearish trend zone and still trading below the 12 and 26-day Exponential Moving Averages (EMA).
On June 21, the coin rose to a high of $40 but was resisted. On July 16, the downward trend was corrected at the support of the $25 price level. On July 17, the bulls made an upward move but were resisted. Binance price has seen a sharp rebound after dropping to the support level of $20 but it is currently trading at $23 level.
On the downside, if the price continues its fall, the market will revisit the lows of $22 and $21 price levels. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $25 or $26 price levels. Nevertheless, Binance Coin is at the oversold region of the Stochastic and this indicates that the price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, BNBUSD price is in a bearish trend. The pair has been hovering in a descending channel pattern over the past weeks, indicating a bearish trend. If a channel break-up occurs, BNB price is likely to rise.
In the meantime, the RSI is rising near the 70 level and the Stochastic RSI and has managed to climb back above the oversold region, indicating that price is in a bullish momentum and a buy signal.
- Resistance Levels: $24, $25, $26
- Support levels: $22, $21, $20
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.