BNB Price Analysis – July 6
BNB/USD is seen forming higher as the bears may lose grip over the coin soon.
Resistance levels: $16.5, $17, $17.5
Support levels: $15, $14.5, $14
BNB/USD still remained in a good uptrend after crossing the 9-day and 21-day moving averages. BNB price is currently consolidating the gains. The coin is showing a bumpy trend in the last few days when dipped at $14.7. The coin quickly picked up the pace above the 9-day MA, then surged as high as $16.15 before dipping back to $15.30 support.
Looking at the upside, the $16.5, $17, and $17.5 levels are significant resistance levels while on the downside, if the price experience a break below the moving averages, it could cause a bearish wave and beneath this, further supports could be found at $15, $14.5 and $14 levels. Binance Coin (BNB) is maintaining the downtrend as the technical indicator RSI (14), suggesting more bullish signals.
Compared with Bitcoin, the Binance coin price is trying to move up higher as it is making an attempt to trade above the 9-day and 21-day moving averages and within a major support area at 0.00171 BTC. The long-term price movement may likely make a bullish cross as the market is starting a new trend.
From above, if the buyers could push the price above moving averages, higher resistance lies at 0.00180 BTC and above. Moreover, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 0.00160 BTC and below as the RSI (14) is moving above the 45-level, which shows that buyers may soon come into play.