BNB Price Analysis – January 3
BNB/USD has once again tried to turn towards a bullish path to break above the trend line in as much as it continues to move with the same momentum.
Resistance levels: $15, $16, $17
Support levels: $12, $11, $10
The Binance Coin (BNB) is trying to move above the trend line of the channel for the continuation of its upward trend. The $13.0 support level is the critical support where the price has been holding for some time now. Yesterday, the market has earlier consolidated at this level before making a downward movement and this makes the support level a strong support zone.
Moreover, BNB/USD pair is likely to rise if the bulls continue to defend the $13.0 support level; the coin may resume its upward movement by breaking above the trend line and the moving averages of 9 and 21 days. The further movement could push the price to the resistance levels of $15, $16 and $17.
However, the analysis will be invalidated if the bears break below the $13.0 support level, and the Binance Coin’s price may fall to the low of $12, $11 and $10 support levels. Meanwhile, the MACD signal lines are still within the negative side giving bullish signals.
When compared with Bitcoin, the Binance Coin price is moving within the descending channel and in as much as the price actions keep respecting the channel formation, Binance Coin will remain perpetually under the control of bear radar. Meanwhile, the traders need more strong and consistent resistance to snatch the price from the bear-run for the BNB market.
For now, with the current movement in the chart, if the price trades below the moving averages and there is no rebound, it may likely reach the potential support levels at 17500 SAT and below. In other words, if the market could break above the 9-day and 21-day moving averages, the price of BNB may likely hit a resistance level of 19500 SAT and above as the RSI (14) moves below the 40-level.
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