BNB Price Analysis – January 13
BNB/USD still maintains the bullish path but couldn’t break above the ascending channel.
Resistance levels: $16, $17, $18
Support levels: $13, $12, $11
BNB/USD started the day with a humongous fall. The same recovered in the later hour, but improvement is not likely to turn into profit. The current market situation isn’t impressive at all. If we look at yesterday’s movement, the BNB coin was spotted dealing at a high of $15.51 and a low of $14.71. The volume of Binance Coin was noted as $223,752,806.
Looking at the upside, the $16, $17 and $18 are significant resistance levels while on the downside, if the price experience a break below the moving averages, it could cause a bearish wave and beneath this, further supports could be found at $13, $12 and $11 levels. The stochastic RSI is still in the overbought zone, suggesting a price drop.
Against Bitcoin, BNB is looking to retest the support at 0.001849 BTC. BNB had rebounded here but failed to make any movement above 0.00187 BTC before rolling over. BNB has been trapped within a steep descending price channel for the past few months and looking at it from above, the nearest level of resistance lies at 0.00190 BTC. Above this, higher resistance lies at 0.00195 BTC, 0.00200 BTC, and 0.00205 BTC.
However, from below; the nearest level of support lies at 0.00183 BTC. Beneath this, support lies near the lower boundary of the descending trading channel at around 0.00175 BTC. Lower support is found at 0.00170 BTC and 0.00170 BTC. The RSI (14) is beneath the 45-level which shows that the sellers are in control over the market momentum. Meanwhile, we will need to see the RSI rise and break above the 50-level to recover.
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