BNB Price Analysis – August 24
BNB/USD is up 2.72% in the last 24 hours and facing very little resistance to the upside.
Resistance levels: $25, $26, $27
Support levels: $20, $19, $18
BNB/USD price is now trading around $22.44 after touching $23.01 resistance in the early hour of today. The price of Binance Coin may continue to follow the uptrend if the price crosses the 9-day and 21-day moving averages. However, BNB/USD may close the day on a better note as the price could touch the resistance level of $24.0. More so, the current performance of this coin is progressive and could give room for more investments.
What Is the Next Direction for Binance Coin?
At $23, if the buyers can reclaim $24, BNB is likely to resume buying pressure towards $25, $26, and $27 while the technical indicator RSI (14) moves 50-level. Otherwise, a drop below the daily low at $21.6 could cause a dip into the grey support area of $20, $19, and $18. This might allow BNB/USD to trade back below the lower boundary of the channel.
BNB/BTC Market: Maintaining the Uptrends
Against Bitcoin, BNB price is making an attempt to move up higher as it moves towards the 9-day and 21-day moving averages within a major resistance area at 0.00194 BTC. The long-term moving average may likely make a bullish cross but currently, the market seems to be following the upward trend.
Nevertheless, if the buyers can push the price above 0.00195 BTC, higher resistance lies at 0.00200 BTC and 0.00205 BTC. More so, should the bulls fail to push it higher, then, the nearest supports lie at 0.00180 BTC and 0.00175 BTC as the RSI (14) moves around 50-level, suggesting that more bullish signals may play out.