Binance Coin Price Analysis – July 6
In the early hours of today, the Binance Coin price begins a progressive movement as the price increases tremendously before dropping slightly.
Resistance levels: $380, $400, $420
Support levels: $250, $230, $210
BNB/USD bulls have been making an attempt to move above the upper boundary of the channel. The $300 support level is the critical support where the price touched today. Meanwhile, the Binance Coin price has earlier trades around this level before making an upward movement and this makes the support level a strong support zone.
Binance Coin Price Analysis: Can Binance Coin Maintain the Upside?
The Binance price is likely to rise more if the bulls could defend the $300 level; the coin may continue its upward movement by breaking above the upper boundary of the channel after keeping the price above the 9-day and 21-day moving averages. Therefore, any further bullish movement may take the coin to the potential resistance levels of $380, $400, and $420.
However, as reveals by the daily chart, the current analysis may be invalidated should the bears break below the $300 level, and the Binance Coin price may fall to the low of $250, $230, and $210 support levels. More so, the technical indicator Relative Strength Index (14) is seen crossing into the positive side; suggesting more bullish movements.
BNB/BTC Market: May Consolidates above the Moving Averages
When compares with Bitcoin, the Binance coin price is currently trading above the 9-day and 21-day moving averages. However, the red-line of the 9-day moving average may likely make a bullish cross above the green-line of the 21-day moving average to touch the nearest resistance of 10000 SAT.
Therefore, if the buyers could push the price above the mentioned resistance, higher resistance lies at 10500 and above. Moreover, should the bulls fail to move it upward, then, the nearest support level could be located at 8000 SAT and below. More so, the technical indicator Relative Strength Index (14) crosses above 50-level, which indicates that buyers may dominate the market.