Binance Coin Price Analysis – BNBUSD Retraces Below $40

In today’s Binance coin price analysis, BNBUSD bulls made an upward move to a high of $40. However, the price dropped to support the 0.382 Fib. retracement level.

Binace Coin Price Technical Analysis

Binance coin (BNB) price was in a bullish trend zone yesterday June 26. Binance coin price was retracing after the bulls met resistance at the $40 level. In retrospect, Binance coin price has been making an upward move since February. On May 9, the bulls made an upward move from a low of $18 to the high of $35 on May 25.

On May 26, Binance coin price was resisted and had a downward correction to a low of $30 on June 9. From this low, BNB bulls made an upward move to a high of $40. From the Fibonacci tool, the crypto’s price fell to support of the 0.382 Fib. retracement level. From the price action, the crypto’s price retraced to the support of the 26-day Exponential Moving Average (EMA). However, Binance coin price is at the overbought region of the daily stochastic but below the 60% range. This is an indication that the price is in the bearish momentum and a sell signal.

BNBUSD Price Short-term Analysis

Looking at the 1-hour chart, BNBUSD price was in a sideways trend. The 12-day and the 26-day EMAs are trending horizontally. Today, BNBUSD price rose to the $38 price level, however, the bears pulled the price down below the EMAs. The daily stochastic is in the overbought region but above the 20% range to indicate that BNBUSD price is in a bullish momentum and a buy signal.

• Resistance Levels: $36, $37¸ $38
• Support levels: $34, $33, $32

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.