Binance Coin Price Analysis – June 7
The Binance Coin price is currently hovering above the 9-day and 21-day MAs as the price is down by 1.84% over the last 24 hours.
Resistance levels: $570, $590, $610
Support levels: $220, $200, $180
BNB/USD price continues to drop further lower after touching the resistance level of $408. More so, the daily chart reveals that BNB/USD even trades lower into support at $380 before moving back to $386. Therefore, if the bears continue to push the market further lower once again, the immediate support below $300 level may be located. Beneath this, further support is then found at $220, $200, and $180 levels.
Binance Coin Price Analysis: Where is BNB Price Going Next?
As the daily chart reveals, if the buyers hold the support at $385 and the price begins to climb higher, however, if the bulls can push the price above the 9-day and 21-day moving averages, it may expect immediate resistance to be located at $400. Above this level, higher resistance is located at $570, $590, and $610. Nevertheless, the Relative Strength Index (14) is moving below the 50-level, which shows that the market may continue with the sideways movement.
BNB/BTC Market: Stays Above the Moving Averages
Against Bitcoin, the Binance Coin price is moving above the 9-day and 21-day moving averages, in as much as the price actions keep respecting the channel formation, Binance Coin may remain perpetually at the upside. Meanwhile, the traders need more strong and consistent resistance to get the price from the bear-run for the BNB market.
However, with the current movement in the chart, if the price continues to move above the 9-day and 21-day MAs, it may likely reach the potential resistance levels at 1300 SAT and above. In other words, if the market could break below the moving averages, the price of BNB may likely hit the support level of 8700 SAT and below as the Relative Strength Index (14) moves below 60-level.