BNB Price Analysis – August 5
After the channel breakout, the Binance Coin may continue to rise.
Resistance levels: $26, $27, $28
Support levels: $20, $19, $18
BNB/USD is currently trading at $23.15 after confirming a daily uptrend and climbing above the ascending channel. In case the Buyers were able to push the price above the resistance level of $25 and the daily candlestick close above this level, then, the price may rally towards the previous high, resistance level of $26.
Would Binance Coin Go Up or Down?
However, the 9-day MA is confidently trading above the 21-day MA and the coin is likewise trading above the resistance level of $22 which connotes that the Buyers are gaining upper hand in the market. The technical indicator is currently at the overbought zone above the 75-level with the signal line pointing up to indicate a buy signal.
In case the buyers were able to push the price above the resistance level of $25 and the daily candlestick close above this level, then, the price may rally towards the previous high at $26, $27, and $28 resistance levels while the supports are located at $20, $19, and $18.
BNB/BTC Market: Bulls are Flexing their Muscles
Against Bitcoin, if the market follows a bullish surge, BNB may swing high to the resistance levels of 0.00218 BTC and above. Crossing below the 9-day and 21-day moving averages lie the support levels at 0.00182 BTC and below. On the technical indicator RSI (14), the coin is currently moving below the 60-level, a sign of sideways movement.