Binance Coin Price Analysis – May 29
As the daily chart reveals, the Binance Coin price may recover its loss but yet finding it difficult to cross the $340 price mark.
Resistance levels: $450, $500, $550
Support levels: $200, $150, $100
The Binance (BNB) is currently trading at $328 after the price was rejected at around $341. Meanwhile, the coin may remain below the 9-day and 21-day moving averages as bears could step back into the market but the main question now is when will BNB move to the higher ground? It seems that traders may have to bear some patience to enjoy some returns in the market soon.
Binance Coin Price Analysis: Where is BNB Price Going Next?
Binance Coin bulls have to take the price above the 9-day moving average to build an additional upside momentum by gaining traction with the next focus on $400, followed by psychological $450, $500, and $550 resistance levels. Looking at the daily chart, on the downside, the initial support may be located at $200, $150, and $100 respectively. Moreover, the market may continue to move sideways as the technical indicator RSI (14) moves in the same direction above 40-level.
BNB/BTC Market: Keep Moving Sideways
Against Bitcoin, the Binance coin price is changing hands at 9157 SAT and it is currently trading within the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14) suggests that the price may continue with sideways movement as the signal line remains below 50-level. Meanwhile, any bullish cross above the 21-day moving average may reach the resistance level at 1100 SAT and above.
However, if the sellers push the market price beneath the 9-day moving average, the next level of support could be located at 7000 SAT and below. Meanwhile, the trading volume is seen fading out while the red-line of 9-day MA remains under the green-line of 21-day MA.