BNB Price Analysis – February 1
Binance Coin (BNB) price may find a halt at $17 as the price is down by 0.40% over the last 24 hours.
Resistance levels: $19.5, $20.0, $20.5
Support levels: $16.5, $16.0, $15.5
BNB/USD price has continued to drop further lower until it finds support at the expected level of $18. More so, the daily chart reveals that BNB/USD even spiked lower into support at $17.94 before moving back to $18.15. If the bears continue to push the market further lower once again, the immediate support below $17 level may be located. Beneath this, further support is then found at $16.5, $16.0 and $15.5.
In other words, if the buyers can hold the support at $18 and the price begins to climb higher, the bulls may expect immediate resistance to be located at $19 which is further bolstered by the 21 periods EMA. Above $19, higher resistance lies at $19.5, $20.0 and $20.5. The RSI (14) is moving above the 60-level, which shows that the market may begin the sideways movement.
Against Bitcoin, the price is moving within the 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.
However, with the current movement in the chart, if the price continues to move below the 21 and 50 periods EMA, it may likely reach the critical support levels at 0.00185 BTC and below. In other words, if the market could break above the moving averages, the price of BNB may likely hit the resistance level of 0.00205 BTC and above as the stochastic RSI is within the oversold zone.
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