Binance Coin price analysis shows the coin trading above the $23 mark after bouncing back up from a heavy downside pressure. Can traders can expect the uptrend to continue?
For the past two weeks, the price of Binance Coin (BNB) trading under heavy pressure. Yesterday, however, BNB formed a weekly high at $20.96 during the trading section. Today, Binance Coin price analysis shows that the coin is trading above the $21.00 resistance area.
Moreover, it seems like the bulls are currently facing resistance near the $21.00 level.
On the upside, if the bulls can drive the price above the $21.00 resistance zone, a move to $22.00 and $23.00 is likely. On the other hand, if the bulls fail to clear the $21.00 resistance level, the price could start a downside correction. An initial support is seen near the $20.50 level. If the bulls fail to defend the $20.50 support, the price might retest the $20.00 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the BNBUSD price is in a bullish trend above the $19.00 and $20.00 resistance level. BNB price even settled above the $20.00 resistance. However, if the bulls fail to propel the price above $21.15 and $21.20 levels, the bears will attempt to sink it below the low of $19.70. If successful, it will be a huge negative and can drag the price to $18.42.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
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