BNB Price Analysis – November 15
BNB/USD is currently dropping below the daily high of $28.61. There is no sign of improvement as traders may close the day with a loss.
Resistance levels: $30, $31, $32
Support levels: $25, $24, $23
BNB/USD is maintaining price momentum during the sharp decline. The coin is currently bearish as the daily chart reveals, but traders expect the few days in the month to bring positive changes to the coin. Meanwhile, BNB/USD may lead to a sharp rise in prices but looking at the chart, the coin reflects a lower price.
What to Expect from Binance Coin (BNB)?
The BNB price is hovering below the 9-day and 21-day moving averages. Therefore, a bearish drop may continue to roll the market down to $25, $24, and $23 support levels while a possible bullish surge may drive the market above the moving averages to hit the nearest resistance at the $29 level.
Any additional bullish movement towards the channel, $30, $31, and $32 may further provide resistance levels for the market. Although, the technical indicator RSI (14) is making an attempt to cross into the 40-level, and staying below this barrier may cause the coin to remain in the bearish mode.
BNB/BTC Market: Consolidating to the downside
Against Bitcoin, the Binance Coin price is trading within the channel as the price actions keep moving below the 9-day and 21-day moving averages as the Binance Coin remains perpetually in a downward movement. More so, the bulls may need more strong and consistent resistance to drag the price from the bearish movement.
However, with the current movement on the daily chart, if the price breaks below the channel, it may likely reach the critical support levels at 0.0015 BTC and below. In other words, if the market breaks above the moving averages, the price of BNB may likely hit a resistance level of 0.0020 BTC and above as the RSI (14) moves within the oversold region, suggesting more bearish signals.