BNB Price Analysis – August 12
BNB price has once again turned towards a bullish path and could soon break the $34 mark if it continues to move with the same momentum.
Resistance levels: $34, $36, $38
Support levels: $25, $23, $21
The Binance Coin (BNB) remained in a good uptrend after crossing the key resistance zone of $29.5. BNB price has exceeded the level of $30 and it is currently consolidating the gains. The coin has shown a bumpy trend in the last one day when started trading at $29.58 and then dipped as low as $28.80. The coin quickly picked up the pace above the 21-day MA and 9-day EMA, then surged as high as $31.03 before dipping back to $30.19.
Today, looking at the upside, the $34, $36 and $38 levels are significant resistance levels while on the downside, if the price experience a break below the $28 level, it could cause a bearish wave and beneath this, further supports could be found at $25, $23 and $21 levels. Binance Coin (BNB) has reached the overbought zone on the Stochastic RSI, suggesting a price drop is around the corner.
Against Bitcoin, the recent stunning rise has made the buyers to retest the 0.0026 BTC resistance level. Should this wave continue, the BNB/BTC pair will further display a green build-up after a bullish control; BNB price is trading within the descending channel and waiting for a breakout.
Furthermore, the latest market movement reveals that the price is ready to cross above the upper line of the channel and move towards the 21-day moving average. Once this is done, BNB/BTC could reach the potential resistance level at 0.0030 BTC and beyond, else it could fall to the support at 0.0021 BTC and below. The stochastic RSI has crossed 80-level (overbought zone) with the signal lines pointing up to indicate some buy signals.
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