Binance Coin price is below the 40% range and this is an indication that the BNBUSD is in the bearish momentum. Will the pair further decline towards $24?
Binance Coin Price Technical Analysis
Binance Coin (BNB) price was in a bearish trend yesterday July 24. The bears broke the 12 and 26-day Exponential Moving Averages (EMAs) as BNB price tests or break the lower price range. Both EMAs are sloping horizontally to indicate that Binance Coin price is in a sideways trend while trading between the levels of $30 and $40.
On the downside, if the bears break the lower price range, or the $30 price level, the price of Binance Coin will further depreciate to the previous low of $24 price level. On the upside, if BNB bulls defend the $30 price level, the price will continue its range bound movement within the confined level. However, BNB price is at the oversold region of the daily stochastic while below the 40% range. This is an indication that the price of BNB is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
As the 1-hour chart shows, BNBUSD price was in a bearish trend. The 12 and 26-day EMAs are sloping southward. Today, July 25 the price of BNBUSD is oscillating below the EMAs to indicate that the price is likely to decline. The pair is trading at the overbought region of the daily stochastic while above the 20% range, which suggests that BNBUSD price 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.