Binance Coin price is fluctuating between the $24 and $32 levels. While trading in a tight range, we can expect the BNBUSD pair to have a price breakout.
Binance Coin Price Technical Analysis
Yesterday, the price of Binance Coin (BNB) was trading in the bearish trend zone below the 12and 26-day Exponential Moving Averages (EMAs) On June 21, Binance Coin price reached a high of $40 but was resisted. As a result, the price fell to the low of $24 support level and commenced trading between the $32 resistance level and the support level of $24. While in a range the price of the coin had tested the $32 resistance level without breaking it.
On the downside, if the price continues its fall, the market will revisit the lows of $18 or $20 price levels. Conversely, if the bulls break above the EMAs, the price of Binance Coin will rise and retest the $40 resistance level. Nevertheless, the Moving Average Convergence Divergence (MACD) lines are below the zero lines to indicate 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 sideways trend as the 12 and 26-day EMAs are sloping horizontally. Today, August 21, the crypto’s price is trading in a tight range and this is an indication that we are likely to see a price breakout.
If BNBUSD price breaks the lower trend line on the lower swing low, it may decline further. Similarly, if the price of BNBUSD breaks the bearish trend line, it is likely to rise. In the meantime, the MACD lines are below the zero lines and this is an indication that the price is in the bearish momentum and a sell signal.
- Resistance Levels: $36, $40, $44
- Support levels: $20, $16, $12
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.