Binance Coin price has hit the $21 mark twice in the last seven days; however, it seems that the bulls will push the price towards the $32 level if more buyers emerge.
Binance Coin Medium-term Analysis
On October 26, the price of Binance Coin (BNB) traded at the $19 level and continued upward. On October 28, the bulls pushed the price to hit the $21 level but they were resisted. As a result, Binance Coin price corrected down to the $20 support level.
On the downside, if the price continues its fall, the market will revisit the lows of $19 and $16 price levels. On the upside, if the more buyers emerge, the crypto’s price will rise towards the $23 and $32 price levels. 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 BNB price is in a bullish trend. The 20-day Exponential Moving Average (EMA) is sloping up gradually, which shows that the bulls are in control of the market. The pair will pick up momentum above $21 level. Conversely, if the price of BNBUSD enters the slope downwards, traders can hold their long positions with a stop loss of $16.
Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $21, $23, $32
- Support levels: $19, $18, $16
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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