Binance Coin price is in a downward trend after witnessing a sudden bearish action. Will the BNBUSD pair continue to drop further? Gain insight into today’s technical analysis.
Binance Coin Price Technical Analysis
Yesterday, August 28, the price of Binance Coin (BNB) was in a bearish trend. The bears broke the 12 and 26-day Exponential Moving Averages (EMAs) to reach the bearish trend zone. For the past few days, Binance Coin price has been fluctuating between the levels of $25 and $26 till August 27. The price remained around these levels before finally dropping to the support level of $22.
On the downside, if the price continues its downtrend, the market will drop to the lows of $21 and $20 price levels. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $25 and $27 price level. Nevertheless, Binance Coin is at the oversold region of the daily stochastic but below the 30% range. This is an indication that the price of BNB 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 12 and 26-day EMAs are sloping downward. Today, the crypto’s price is trading below the EMAs which is an indication that the price od BNBUSD is falling. The daily stochastic is in the overbought region but above the 30% range. This indicates that price is in a bullish momentum and a buy signal.
- Resistance Levels: $25, $26, $27, $28
- Support levels: $21, $20, $19, $18
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.