Binance Coin price analysis shows the coin trading near the $23 mark after bouncing back up from the $21 support level? Can traders can expect the uptrend to continue?
On February 17, the price of Binance Coin (BNB) started to decline after the bulls were resisted at the $0.26 level. As a result, the BNB price plummeted below $25 and $24 support levels. However, the coin found a decent support at the $21 level. At the time of writing this Binance Coin price analysis, the coin is changing hands at the $0.23 level.
On the upside, if this support holds, we anticipate the bulls to make another attempt to carry the price back to $0.26 resistance. If successful, the bulls will likely meet resistance at the $28 and $30 level. On the other hand, a break below the $0.23 support levels will tilt the advantage in favor of the bears.
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. However, if the bulls fail to propel the price above $27.1905, the BNB/USD pair might remain range-bound for a few days. The pair will turn negative on a break below the recent low at $21.5510. Therefore, the traders can protect their long positions with stops at $21.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
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.
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