BNB Price Analysis – March 2
The Binance Coin (BNB) starts forming higher as the bears may lose grip over the coin soon.
Resistance levels: $24.0, $25.0, $26.0
Support levels: $15.0, $16.0, $17.0
Binance coin (BNB) is making an attempt to move above the 9-day moving average. The $19.0 support level is the critical support where the price has been holding for some time now. More so, 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 defend the $13.0 support level, the coin may resume its upward movement by breaking above the trend line and the 9-day and 21-day moving averages. Any further movement may push the price to the potential resistance levels of $16, $17 and $18. However, the analysis will be invalidated if the bears break the $13.0 support level, and the Binance Coin’s price may fall to the low of $11, $10 and $9.0 support levels.
The stochastic RSI is about moving out of the oversold zone; suggesting a bullish movement is around the corner.
Compared with Bitcoin, the Binance coin price is trying to move up higher as it moves above the 9-day moving average and within a major support area at 0.0022 BTC. The long-term moving average may likely make a bullish cross but currently, the market is starting a new trend as the price is about to move above the upper boundary channel.
From above, if the buyers could push the price above 0.0023 BTC, higher resistance lies at 0.0024 BTC and 0.0025 BTC. Moreover, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 0.0020 BTC and 0.0021 BTC as the stochastic RSI is moving out of the oversold zone, which shows that buyers may soon dominate the market.
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