Binance coin price failed to stay above the $18.00 support level and resumed its decline. Will the downward trend continue?
Binance Coin Price Medium-term Analysis
Yesterday October 22, the price of Binance Coin (BNB) was trading sideways at the $18.00 level. This week, the bulls have been struggling to break the $18 level but were resisted yesterday. At the time of writing, Binance Coin price is trading at the $17.00 support level.
On the upside, more buyers emerge, the market will surge towards the $18.00 and $19.00 resistance levels. BNB price must stay above the $18.00 level to resume a fresh increase.
On the downside, if the price continues its fall, the market will revisit the lows of $16.00 and $15.00 price levels. Nevertheless, Binance Coin is at the oversold region of the daily stochastic but below the 40% range. This indicates that the price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, BNBUSD price is in a bearish trend. Today, if the next dip holds above $17.00 level, the bulls will again attempt to push the price above the descending chanel. If the BNBUSD pair breaks out and closes above the channel, a rally to $19.00 is possible.
The BNB coin is trading at the daily stochastic in the overbought region but below the 80% range. This indicates that price is in a bearish momentum and a sell signal.
- Resistance Levels: $18, $19¸ $20
- Support levels: $17, $16, $15
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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