Binance Coin price has witnessed a considerable amount of price decline in the past 24 hours. Nevertheless, the BNBUSD pair is reflecting a bullish trend from the past few days and traders can expect an early recovery in the coin.
Binance Coin Medium-term Analysis
On January 6, the price of Binance Coin (BNB) traded at the $16 level after breaking out of the 50-day Simple Moving Average (SMA). However, the bulls could not continue the momentum. This shows a lack of demand at higher levels. Yesterday, Binance Coin price traded at $15 and then started trading downwards. At the time of writing, Binance Coin price is trading at $14 support level.
On the upside, if this support holds, we anticipate the bulls to make another attempt to carry the price back to $16 resistance. On the other hand, a break below the $14 support will tilt the advantage in favor of the bears.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, the BNBUSD price is in a bullish trend. Today, the pair jumped to $15.27 from $14.95 but dropped again to $14.74. This placement of the price value suggest a continuation of the struggle for the BNBUSD pair. It may soon have to retest the resistance of $15.27 if more buyers emerge in the short-term.
Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $16, $18, $20
- Support levels: $14, $12, $10
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.