Binance Coin Price Analysis – November 18
The Binance Coin price may find a halt at $500 as the price is down by 6.45% after touching the daily high of $591.
Resistance levels: $645, $665, $685
Support levels: $465, $445, $425
BNB/USD price may continue to drop until it finds support at the expected level of $500. More so, the daily chart reveals that the Binance Coin is currently trading below the 9-day moving average. If the bears continue to push the market further lower, the immediate support level may be located. Towards the lower boundary of the channel, further support could be found at $465, $445, and $24254.
Binance Coin Price Analysis: Binance Coin Downtrends May Continue
As the daily chart reveals, if the buyers can hold the support at $520 and the price begins to climb higher, the bulls may expect immediate resistance to be located at $620 which is further above the 9-day and 21-day moving averages. Above this level, higher resistance lies at $645, $665, and $685. The technical indicator Relative Strength Index (14) may soon cross below the 40-level if the bears put more pressure, which could indicate that the market may continue the downward movement.
BNB/BTC Market: Keeps Moving Sideways
Against BTC, the BCH price is seen crossing below the 9-day and 21-day moving averages. Therefore, in as much as the price actions keep respecting the channel formation, Binance Coin may remain perpetually under the control of bear. However, the bulls need more strong and consistent resistance to snatch the price from the bear-run.
For now, with the current movement in the chart, if the price failed to break above the channel, it may likely reach the critical supports at 8500 SAT and below. In other words, if the market breaks above the 9-day and 21-day moving averages, the price of BNB may likely hit a resistance level of 1050 SAT and above as the technical indicator Relative Strength Index (14) is likely to cross move below 50-level, suggesting bearish movement.