Binance Coin price is in a bullish trend over the past 24 hours and it currently trades at $17. Will BNBUSD continue the upsurge?
Binance Coin Price Medium-Term Analysis
Yesterday, October 9. the price of Binance Coin (BNB) was in a bullish trend above the 20-day Exponential Moving Average (EMA), which is an indication that buyers are in control. The bulls recovered from the support level of $15 and pushed the market to a high of $17 level where the coin currently trade.
Binance Coin price is now facing resistance at the $17 level, which had displayed strong resistance previously during March 2019.
On the upside, if more buyers emerge, the coin will rise towards the $18 and $19 resistance levels. On the downside, if the bulls fail to break the said resistance level, the market will drop to $16 price level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, BNBUSD price is in a bullish trend as the bulls have broken out of the 20-day EMA. If the bulls can continue pushing the price above the resistance line of the channel, it will signal an end of the downtrend.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $17, $18¸ $19
- Support levels: $16, $15, $14
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.
