Binance Coin Price Analysis – July 31
The Binance Coin (BNB) price may find a halt at $300 as the price is down by 0.40% over the last 24 hours.
Resistance levels: $400, $420, $440
Support levels: $250, $230, $210
BNB/USD price may continue to drop further lower if it finds support at the $300 level. Yesterday, the daily chart revealed that BNB/USD spiked higher moving above the upper boundary of the channel before falling back below $325. Therefore, if the bears continue to push the market further lower, the immediate support below the $300 level may be located. Beneath this, further supports may be found at $250, $230, and $210.
Binance Coin Price Analysis: Is BNB Price Ready to Move Higher?
As the daily chart reveals, if the buyers can hold the support at $315 and the price begins to climb higher, bulls may expect immediate resistance to be located at $350 which is above the upper boundary of the channel. However, staying there may locate the higher resistance levels at $400, $420, and $440. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving below 60-level, which shows that the market may either go sideways or follow the bullish movement.
BNB/BTC Market: Price Is Consolidating to the Downside
Against Bitcoin, the Binance Coin is trading below the 9-day and 21-day moving averages. Therefore, in as much as the price actions keep respecting the channel formation, Binance Coin will remain perpetually under the control of bear. Meanwhile, traders need more strong and consistent resistance to keep the price from the bear-run for the BNB market.
However, with the current movement in the daily chart, if the price continues to move above the 9-day and 21-day moving averages, it may likely reach the potential resistance level at 8600 SAT and above. On the contrary, if the market price slides below the lower boundary of the channel, it may likely hit the critical support at 6700 SAT and below as the technical indicator Relative Strength Index (14) remains at the downside.