Binance Coin price has seen a sharp drop for some weeks now and this has brought the price of the cryptocurrency back to $20. Will the downward trend continue?
Binance Coin Price Technical Analysis
Yesterday September 10, Binance Coin (BNB) price was on a bearish trend. On June 21, the bulls pushed the price of BNB to a high of $40 but were resisted. The bears broke the 12 and 26-day Exponential Moving Averages (EMAs) to reach the bearish trend zone. On July 17, the bulls made an upward move and broke the 12-day EMA but met resistance at the 26-day EMA. Since then, the price of Binance Coin has continued to drop lower. At the moment, the market is trading at the $22 price level.
On the downside, if the price continues its downtrend, the market will plummet to the lows of $18 and $15 price levels. On the upside, if more buyers emerge, the crypto’s price will rise towards the $23 price level. In the meantime, Binance Coin price is at the oversold region of the daily stochastic but below the 40% range. 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. Today, the crypto’s price sank lower into the support level of $20. The 12 and 26-day EMAs are also sloping downward, indicating that the bears are currently in control of the market. The RSI is moving below the 40% range and this indicates that price is in a bearish momentum and a sell signal.
- Resistance levels: $25, $27, $29
- Support levels: $18, $15, $13
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.