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Binance Coin Price Analysis: BNB/USD Under Pressure As Price Plummets Below $420

Binance Coin Price Analysis – September 17

The Binance Coin price eyes $400 support in order to gain momentum to overcome resistance at the $450 level.

BNB/USD Market

Key Levels:

Resistance levels: $500, $520, $540

Support levels: $350, $330, $310

Binance Coin Price Analysis
BNBUSD – Daily Chart

BNB/USD has been in consolidation within a narrow range since September 8 of this month. Prior to the sideways trading, BNB/USD broke out in tremendous movement with the generally bullish market in the last few days as the coin stepped above several key resistance levels including $440.

Binance Coin Price Analysis: Would BNB Price Move Higher?

Binance Coin is trading at $417 amid losses from the 21-day MA resistance in the daily chart. At the time of writing, the drop has been consistent as the technical indicator Relative Strength Index (14) puts emphasis on the declines trending lower below the 9-day moving average. The nearest support at $400 is likely to hold in spite of the strong arm of the bears while sideways trading could also take precedence based on the technical indicator.

However, in order to come out of the resistance range under $430, BNB/USD must pull toward $450 and focus on taking down higher hurdles at $500, $520, and $540. Nevertheless, if the bullish push failed and $400 support comes to focus, expect more support at $380 below the lower boundary of the channel, and any further support levels could be located at $350, $330, and $310.

BNB/BTC Market: Consolidating to the Downside

Against Bitcoin, the recent price decline places the Binance Coin below the 9-day and 21-day moving averages. However, the 8000 SAT and below could provide a support level for the next selling pressure as the Relative Strength Index (14) moves below 40-level.

BNBBTC – Daily Chart

Meanwhile, after touching the daily high of 8894 SAT today, BNB/BTC price drops to where it is currently trading at 8722 SAT. However, if the support level of 8500 SAT can act as a solid line of defense against any further downtrend; the resistance level of 9800 SAT and above may come into focus.

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