BNB Price Analysis – February 20
Binance Coin (BNB) price may find a halt at $260 as the price is down by 19.63% over the last 24 hours.
BNB/USD Market
Key Levels:
Resistance levels: $380, $400, $420
Support levels: $230, $210, $190
As the daily chart reveals, BNB/USD continues to drop further lower until it finds support at the expected level of $260. More so, the daily chart reveals that the Binance Coin spikes lower into support at $259 before moving back to $268. If the bears continue to push the market further lower once again, the immediate support below the $250 level may be located. Beneath this, further support is then found at $230, $210, and $190.
Would Binance Coin Go Up or Down?
As the Binance Coin moves toward the south, if the buyers can hold the support at $270 and the price begins to climb higher, bulls may expect immediate resistance to be located at $350 which is further bolstered by the upper boundary of the channel. Above this barrier, higher resistance lies at $380, $400, and $420. Meanwhile, the technical indicator RSI (14) nosedives within the overbought, which shows that the market may begin a downward movement.
BNB/BTC Market: Consolidating to the Upside
Against Bitcoin, the Binance coin remains at the upside above the 9-day and 21-day moving averages touching the daily high at 0.00598 BTC. Meanwhile, the long-term moving average may likely make a bearish cross as the market may be starting a new trend by moving below the moving averages.
However, from above, if the buyers could push the price above the upper boundary of the channel, higher resistance lies at 0.0067 BTC and above. Nevertheless, should the bulls fail to hold the upside, then, BNB/BTC may start creating another low as the technical indicator RSI (14) prepares to leave the overbought region. Therefore, any further bearish movement could bring the price towards the support level of 0.0040 BTC and below.
