In today’s Binance Coin price analysis, BNBUSD fluctuates between $30 and $40 and is now heading towards the lower price range and may face resistance there.
Binance Coin Price Technical Analysis
Binance Coin (BNB) price was in a sideways trend yesterday, July 2. The 12-day and the 26-day Exponential Moving Averages (EMAs) are sloping horizontally. BNB price fluctuates between the levels of $30 and $40. On June 21, BNB bulls tested the upper price range, but they, however, met resistance. The price of Binance Coin is now heading towards the lower price range and may face resistance at the lower price range.
BNB traders can trade a ranging market and should initiate a short trade at the upper price level and exit such trade near the lower price range. In the same vein, a long trade should be initiated at the lower price range and exit such trade near the upper price range. Nevertheless, if a coin experience a bullish or bearish breakout then a trader should suspend his range bound trading. However, the price of Binance Coin is at the oversold region of the daily stochastic but below the 40% range. This is an indication that the price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
Looking at the 1-hour chart, BNBUSD price was in a sideways trend. The 12-day and the 26-day EMAs are sloping horizontally. Today, the price of BNBUSD is fluctuating below and above the EMAs.
The price is characterized by small body candlesticks like the Doji and the Spinning tops which suggest that buyers and sellers are indecisive about the current BNBUSD price. The daily stochastic is in the overbought region while above the 20% range, which indicates that price is in a bullish momentum and a buy signal.
- Resistance Levels: $36, $37¸ $38
- Support levels: $30, $29, $28
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.