Binance Coin Price Analysis – July 16
The Binance Coin price may find a halt at $300 as the price is down by 1.86% over the last 24 hours.
Resistance levels: $360, $380, $400
Support levels: $270, $250, $230
BNB/USD sinks below the 9-day and 21-day moving averages until it finds support below the $300. However, the Binance Coin spikes lower into support at $299 before moving back to $309 where it is currently trading. Meanwhile, if the bears continue to push the market further lower, the immediate support below the $290 level may be located. Beneath this, further support could be found at $270, $250, and $230.
Binance Coin Price Analysis: Would Binance Coin Price Revisit $350?
The Binance Coin remains within the 9-day and 21-day moving averages but as the fourth-best crypto moves toward the south, the buyers may hold the current level of $309 and this may cause the price to begin to climb higher. However, once this is down, the bulls may expect the immediate resistance to be located at $330 which could be further bolstered by the upper boundary of the channel.
Above this barrier, higher resistance lies at $360, $380, and $400 levels. Meanwhile, the technical indicator Relative Strength Index (14) is confirming the bearish movement as the signal line nosedives below 50-level, which shows that the market may begin a downward movement.
BNB/BTC Market: Price Not Ready for the Upward Movement
When compares with Bitcoin, the Binance coin is seen trading above the 9-day and 21-day moving averages touching the daily high at 0.0101 BTC. Meanwhile, the long-term moving average may likely make a bearish cross as the market may be starting a new trend by crossing below the 9-day moving average.
Watching the current movement from above, if the bulls could keep the Binance Coin price at the upside; it could see the higher resistance at 0.0108 BTC and above. In other words, if the bulls fail to hold the upside, then, the pair may begin to create another low as the technical indicator Relative Strength Index (14) moves below 60-level. Therefore, any further bearish movement could bring the BNB price to the support level of 0.0090 BTC and below.