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?
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 Chart
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.
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