BNB Price Analysis – January 11
The Binance Coin (BNB) begins to move to the upside as the bears may lose grip over the coin soon.
Resistance levels: $500, $520, $540
Support levels: $400, $380, $360
Binance coin (BNB) is seen crossing above the 9-day moving average as the coin moves to touch the daily high of $471.40. However, for the past few days, the coin has been trading below the 9-day and 21-day moving averages touching the low of $399 and this makes the coin to remain at the downside.
Binance Coin Price Analysis: Binance Coin (BNB) May Head to the Upside
The Binance Coin price is likely to cross above the 9-day moving average for it to touch the 21-day moving average. Therefore, if the bulls defend the $450 level, the coin may continue its upward movement by moving towards the upper boundary of the channel. However, any further bullish movement may hit the potential resistance levels of $500, $520, and $540.
Nevertheless, this technical analysis may not right if the bears return into the market and break below the lower boundary of the channel, and the Binance Coin could touch the low of $400, $380, and $360 support levels. Moreover, the technical indicator Relative Strength Index (14) is about to cross above 40-level; suggesting that more bullish movements are likely to play out.
BNB/BTC Market: Consolidating to the Upside
Against Bitcoin, the Binance coin price is trying to move up higher as it is likely to cross above the 9-day and 21-day moving averages with a major resistance level at 1130 SAT. The long-term moving averages may likely keep the bullish movement as the market is starting a new trend by moving towards the upper boundary channel.
From above, if the buyers could push the price above moving averages, higher resistance could be located at 1150 SAT and above. Moreover, should the bulls fail to move it above the levels then, the coin may cross below the lower boundary of the channel to hit the support level of 9500 SAT and below while the technical indicator Relative Strength Index (14) is moving to cross above 50-level, which shows that buyers may soon come to play.