Binance Coin price will rise and retest the $40 price level if the bulls break above the EMAs. If the BNBUSD pair continues to decline, the market will revisit the lows of $24 and $25 price levels.
Binance Coin Price Technical Analysis
On June 21, Binance Coin (BNB) price rose to a high of $40. Nevertheless, the bulls were resisted as the bears broke the 12 and 26-day Exponential Moving Average (EMAs) to reach the bearish trend zone. On July 16, the downward trend was corrected at the support of the $25 price level. On July 17, BNB bulls made an upward move and broke the 12-day EMA but were resisted by the 26-day EMA. Binance Coin price dropped below the EMAs.
On the downside, if the price of Binance Coin continues to decline, it will revisit the lows of $24 and $25 levels. On the upside, if the bulls break above the EMAs, BNB price will rise and retest the $40 price level. However, Binance Coin is at the oversold region of the daily stochastic while below the 40% range. This is an indication that the price of BNB is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
Looking at the 1-hour chart, BNBUSD price is in a bullish trend. The 12 and 26-day EMAs are sloping upward. Today, August 1, the price of BNBUSD is fluctuating above the EMAs, which is an indication that the price is likely to rise.
BNBUSD price is trading at the daily stochastic in the overbought region while below the 80% range, indicating that the price of BNBUSD is in a bearish momentum and a sell 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.