Binance coin price started a fresh decline after it spiked above the $18 resistance level. The BNBUSD pair is currently trading below $18 and it recently tested the $17 support level.
Binance Coin Price Medium-term Analysis
On October 15, the price of Binance Coin (BNB) broke above the $18 resistance level but was resisted. As a result, Binance Coin price dropped to the support level of $17. However; Binance coin price rebound towards the previous resistance level but failed to continue the uptrend.
At the time of writing, Binance Coin price is changing hands at a little over $17.
On the downside, if the bears crack below the said support level, the market will decline towards the $16 and $15 levels. On the upside, if more buyers emerge, the market will revisit the lows of $19 and $20 price levels.
Nevertheless, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line. 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 bearish trend. If the bulls can push the pair above the 50-day Simple Moving Average (SMA) and the resistance line of the channel, it will signal the end of the bearish trend.
Conversely, if the pair turns down from the overhead resistance and plunges below $16, a retest of $14 will be on the cards. If the bears crack this level, the downtrend will resume. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $18, $19¸ $20
- Support levels: $17, $16, $14
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.