BNB Price Analysis – April 12
BNB has once again turned towards a bullish path and could soon break the $15 mark if it continues to move with the same momentum.
Resistance levels: $17, $19, $21
Support levels: $11, $9, $7
BNB/USD remained in a good uptrend after crossing the 9-day and 21-day moving averages. BNB price has exceeded the level of $14 and it is currently consolidating the gains. The coin has shown a bumpy trend today when it started trading at $13.78 and then dipped as low as $13.62. The coin quickly picked up the pace above the moving averages, then surged as high as $15.01 before dipping back to $14.67.
Today, looking at the upside, the $17, $19 and $21 levels are significant resistance levels while on the downside, if the price experience a break below the $12 level, it could cause a bearish wave and beneath this, further supports could be found at $11, $9 and $7 levels. The RSI (14) faces the north, which suggests more bullish signals.
Against Bitcoin, the Binance Coin price is moving within the channel and in as much as the price actions keep respecting the channel formation, Binance Coin will remain perpetually in sideways movement. Meanwhile, the traders need more strong and consistent resistance to snatch the price movement from the sideways movement for the BNB market.
For now, with the current movement in the chart, if the price breaks below the moving averages, it may likely reach the critical support levels at 0.00191 BTC and below. In other words, if the market could break above the channel, the price of BNB may likely hit a resistance level of 0.00220 BTC and above as the RSI (14) focus on the north.
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