In today’s Binance Coin price analysis, the BNBUSD pair is trading between the levels of $30 and $40. Will it further depreciate to the previous low of $24 price level?
Binance Coin Price Technical Analysis
Binance Coin (BNB) was in a bearish trend yesterday, July 10. The bears broke the 12-day and the 26-day Exponential Moving Averages (EMAs) as BNB price tests or break the lower price range. The EMAs are sloping horizontally, which is an indication that Binance Coin price is in a sideways trend. The price of BNB is now trading between $30 and $40 price levels.
On the downside, if the bears break the $30 price level, the crypto’s price will further depreciate to the previous low of $24 price level. On the other hand, if the bulls defended the $30 price level or break the lower price range, BNB price will continue its range bound movement within the confined level. However, Binance Coin price is at the oversold region of the daily stochastic while below the 40% range, which suggests that BNB price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
Looking at the 1-hour chart, BNBUSD price was in a bearish trend. The 12-day and the 26-day EMAs are sloping southward. Today, July 11, the price of BNB is fluctuating below the EMAs, indicating that price is likely to decline. At the time of writing, BNB price is trading at $29.5. The daily stochastic is in the overbought region while above the 20% range, indicating that the price of BNBUSD is in a bullish momentum and a buy signal.
- Resistance Levels: $36, $37¸ $38
- Support levels: $30, $29, $28
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.