BNB Price Analysis – April 10
In case the price experiences a break below the support level of $13, it could cause a bearish wave and beneath this, further supports could be found at $11, $10 and $9 levels.
Resistance levels: $16, $18, $20
Support levels: $11, $9, $7
On the daily chart, the cryptocurrency retains its movement within the ascending channel. Binance Coin (BNB) bottomed at the key support zone of $7.9 on March 13 and bounced towards the north. The bullish momentum propelled the coin towards the resistance level of $16. The upper trend line resisted further increase in price with the aid of bears’ pressure. The strong daily bearish candle that emerges dropped the price at the support level of $13.
The resistance level of $16, $18 and $20 levels are the upside significant zone to consider. Looking at the downside, in case the price experiences a break below the support level of $13, it could cause a bearish wave and beneath this, further supports could be found at $11, $10 and $9 levels. Meanwhile, the Relative Strength Index (14) focuses on the downward movement as the signal line moves above 40-level.
Against Bitcoin, the BNB price is trading within the ascending channel and the break out of the channel is imminent. The bullish increase has made coin to test the resistance level 0.0020 BTC and the price could not break up the level. The sellers defend the 0.0020 BTC and it is on the bearish move.
In case the price move below the 21-day moving average and decline below the lower limit of the channel, it may likely reach the potential support levels at 0.0018 BTC and below. Meanwhile, the Relative Strength Index period 14 is at 45 with the signal line pointing downward to indicate sell signal.
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