Binance Coin Price Analysis – BNBUSD Might Retest $40

Binance Coin price is currently trading at around $30 following a major pump which saw the BCHUSD pair rise 7% since last week.

Binance Coin Price Technical Analysis

On June 21, the price of Binance Coin (BNB) rose to a high of $40 but the bulls met resistance. The bears broke the 12 and 26-day Exponential Moving Average (EMAs) to reach the bearish trend zone. On July 16, the downtrend was corrected at the support of the $25 price level. On July 17, the bulls made an upward move and broke the 12-day EMA but were resisted by the 26-day EMA. The price dropped below the EMAs.

In the meantime, Binance Coin price is above the EMAs while trading at $30 level. Yesterday, August 8, the crypto traded at the $27 level and spiked above the $30 and $31 resistance levels.

On the upside, if the price continues above the EMAs, the crypto’s price will rise and retest the $40 price level. On the other hand, if the price declines, it will revisit the lows of $25 and $27 price levels. On the upside, if the bulls break above the EMAs, the crypto’s price will rise and retest the $40 price level. Nevertheless, Binance Coin is at the oversold region of the daily stochastic but below the 40% range. This indicates 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 bullish trend zone. The 12 and 26-day EMA are sloping upward. Today, the crypto’s price has recovered above the EMAs, and this is an indication that price will continue to rise. The BNB coin is trading at the daily stochastic in the overbought region while below the 80% range. This indicates that price is in a bearish momentum and a sell signal.

• Resistance Levels: $30, $31
• Support levels: $25, $27

Disclaimer

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.