BNB Price Analysis – February 6
Binance Coin (BNB) remains in the green as the cryptocurrency market gains from the increased buying pressure.
Resistance levels: $22.0, $23.0, $24.0
Support levels: $17.0, $16.0, $15.0
BNB/USD price is now trading close to $20.0 after touching $20.10 resistance in the early hour of today. The price of Binance Coin may continue to follow the uptrend if the price crosses the upper boundary of the channel. Meanwhile, Binance Coin may close the week on a better note as the price could touch the resistance level of $21.0. But the current performance of BNB/USD is progressive and gives room for more investments.
However, BNB/USD trading pair has maintained an uptrend from the lows traded last month around $12.97. In other words, as the technical indicator RSI (14) moves into the overbought zone, once it faces down, there is a higher chance that BNB may likely find supports at $17.0, $16.0 and $15.0 but the upside may remain capped at $22.0, $23.0 and $24.0 respectively.
When compared with BTC, after serious drops, the BNB price has been making attempt to move up higher as it moves towards the 21 and 50 periods EMA and within a major resistance area at 0.00205 BTC. The long-term moving average may likely make a bullish cross but currently, the market is following the upward trend.
From above, if the buyers can push the price above 0.00207 BTC, higher resistance lies at 0.00215 BTC and 0.00220 BTC. More so, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 0.00190 BTC and 0.00180 BTC as the RSI (14) faces the overbought zone, which shows that more bullish signals may play out.