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.
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.
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.
Disclaimer
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