Binance Coin price analysis shows the coin trading above the $23 mark after bouncing back up from a heavy downside pressure. Can traders can expect the uptrend to continue?
Binance Coin Medium-term Analysis
For the past two weeks, the price of Binance Coin (BNB) trading under heavy pressure. Yesterday, however, BNB formed a weekly high at $20.96 during the trading section. Today, Binance Coin price analysis shows that the coin is trading above the $21.00 resistance area.
Moreover, it seems like the bulls are currently facing resistance near the $21.00 level.
On the upside, if the bulls can drive the price above the $21.00 resistance zone, a move to $22.00 and $23.00 is likely. On the other hand, if the bulls fail to clear the $21.00 resistance level, the price could start a downside correction. An initial support is seen near the $20.50 level. If the bulls fail to defend the $20.50 support, the price might retest the $20.00 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, the BNBUSD price is in a bullish trend above the $19.00 and $20.00 resistance level. BNB price even settled above the $20.00 resistance. However, if the bulls fail to propel the price above $21.15 and $21.20 levels, the bears will attempt to sink it below the low of $19.70. If successful, it will be a huge negative and can drag the price to $18.42.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $21, $22, $23
- Support levels: $20, $19, $18
Disclaimer
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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