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.
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.
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.
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