BNB Price Analysis – October 13
The price of Binance Coin (BNB) is now back above the $30 mark with 1.64% gains in the last 24 hours.
Resistance levels: $34, $35, $36
Support levels: $27, $26, $25
BNB/USD price is now trading close to $35 after touching $31.98 resistance in the early hour of today. BNB price may keep following the uptrend if the price crosses the upper boundary of the channel. Meanwhile, Binance Coin may need to keep trading above the 9-day and 21-day moving averages for the price to touch the resistance level of $33. But the current performance of the coin is progressive and gives room for more investments.
What to Expect from Binance Coin (BNB)
The Binance Coin is maintaining an uptrend from the lows traded last month September 21 around $21.9. However, as the technical indicator RSI (14) moves toward the overbought region around the 66-level, the coin may likely hit the resistance levels at $34, $35, and $36. In other words, if the market price drops below the moving averages, there is a higher chance that BNB may likely find support at $27, $26, and $25.
BNB/BTC Market: Consolidating to the Upside
When compares with BTC, the Binance coin is trying to go higher as it keeps trading above the 9-day and 21-day moving averages at 0.0026 BTC. The long-term moving average may likely experience a bullish continuation but currently, the market is starting a new trend as the price is trying to be stable above the moving averages.
From above, if the buyers could push the price above 0.0028 BTC, higher resistance lies at 0.0031 BTC and 0.0033 BTC. Moreover, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support towards the downside lies at 0.0023 BTC and 0.0021 BTC as the RSI is moving below the 60-level, which shows that the market may move sideways.