Binance Coin Price Analysis – September 5
The bears may take over as the Binance Coin failed to break above the upper boundary of the channel.
Resistance levels: $580, $600, $620
Support levels: $420, $400, $380
BNB/USD touches a daily high of $528.66, after which it started retreating towards the 9-day and 21-day moving averages. More so, the decline may continue until it touches the low of $461.67. Meanwhile, the Relative Strength Index (14) is moving above 60-level as the 9-day MA is still very active above the 21-day MA to keep the coin at the upside.
Binance Coin Price Analysis: Would BNB Price Keep the Uptrend?
According to the daily chart, if the Binance Coin price cross below the 9-day and 21-day moving averages, it may reach the support levels of $420, $400, and $380. However, the coin may consolidate a little bit before it begins an upward move as the direction of the longer-term trend remains unclear. Therefore, if the bulls hold the current value of $497, the market price may begin to climb higher as the bulls may expect immediate resistance to be located above the upper boundary of the channel while the higher resistance can be located at $580, $600, and $620 levels respectively.
BNB/BTC Market: Keeps Moving Sideways
Against Bitcoin, the Binance Coin price is trading within the channel as the price actions move to cross below the 9-day and 21-day moving averages, Binance Coin will likely face the downward movement. Meanwhile, the buyers need more strong and consistent resistance to keep the upward movement for the BNB market.
For now, with the current movement on the daily chart, if the price breaks below the 9-day and 21-day moving averages, it may likely reach the critical support level at 0.0090 BTC and below. On the contrary, if the market could break above the upper boundary of the channel, the Binance price could hit the resistance level of 0.011 BTC and above while the technical indicator reveals that the Relative Strength Index (14) crosses below 60-level to increase the bearish movement within the market.