Binance Coin price exhibits uptrend after a recent heavy price crash. The next trending move is likely to begin after the price escapes the $16 level.
Binance Coin Price Medium-Term Analysis
The price of Binance Coin (BNB) is consolidating following an intense selling pressure that occurred from November 13-22. During this period, the coin dropped sharply from the high of $22 down to $14 level.
However, at the time of the press, Binance Coin price is correcting higher and trading near the $15 level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $16 price level. If the bulls can propel the price above that level, a move towards $22 is likely. On the downside, if the price continues its fall, the market will revisit the lows of $14 and the next stop is likely to be $11.
Nevertheless, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BNBUSD Price Short-Term Analysis
On the 1-hour chart, BNBUSD price remained well bid above the $15 support level. BNB price is currently correcting higher and trading near $15.57.
If it continues to rise, the $16 resistance area might spoil the recovery. A clear break above $16 is needed for upside continuation.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $16, $22
- Support levels: $14, $11
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.