Binance Coin price, along with other cryptocurrencies has suffered significantly after falling from $22 level to $13 price level.
Yesterday September 25, the price of Binance Coin (BNB) was in a bearish trend below the 12-day and 26-day Exponential Moving Averages (EMAs).
The bears broke below the critical support of $18 and $16 on September 24 to reach the bearish trend zone. Binance coin price even plummeted to $13 but has bounced slightly to trade at the $15 level.
On the downside, if the price continues its fall, the market will revisit the lows of $13 and $10 price levels. Meanwhile, the market is in the oversold region of the daily stochastic but below the 20% range. This indicates that the price is in the bearish momentum and a sell signal.
On the 1-hour chart, BNBUSD price is in a bearish trend. The 12-day and 26-day EMAs are sloping downward. Today, the price is hovering around $15 level and if the market improves, BNB coin could move upward.
Meanwhile, BNBUSD is trading at the daily stochastic in the oversold region and a minor pullback to $18 price level can be expected. Hence, we suggest traders sit back and wait for reversal indicators with a clear increase in buying momentum.
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.
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