Binance Coin Price Analysis – August 4
The Binance Coin moves to cross above the upper boundary of the channel as the coin benefits from the increased buying pressure.
BNB/USD Market
Key Levels:
Resistance levels: $385, $405, $425
Support levels: $235, $215, $195
BNB/USD is trading above the 9-day and 21-day moving averages to gain more upsides. The coin may continue to rise if the price crosses above the upper boundary of the channel. Meanwhile, Binance Coin could end this week on a better note, as the price could be above the upper boundary of the channel. However, the current performance of the Binance Coin is gradual and may inspire move bullish movements.
Binance Coin Price Analysis: BNB Price Ready for The Upside
At the time of writing, the Binance Coin faces the upside as the coin moves to cross into the positive side. The technical indicator Relative Strength Index (14) is also moving to cross into the overbought region, there is a higher probability that BNB may find resistance at $385, $405, and $4259, but heading toward the lower boundary of the channel may locate the support levels at $235, $215, and $195 respectively.
BNB/BTC Market: Price Heads to the Upside
Against Bitcoin, BNB continues to follow the upward trend but should the bulls fail to push the coin above the upper boundary of the channel, the coin retreat a little bit. Nevertheless, the Binance Coin price is still above the 9-day and 21-day moving averages, the 1400 SAT could provide an additional resistance level for the next buying pressure as the Relative Strength Index (14) moves into the overbought region.
After touching the resistance level of 1335 SAT, BNB/BTC price drops to gather momentum. Therefore, it is likely that they may retreat and could touch the nearest support level of 1200 SAT and below. However, if the current level can act as a solid line of defense against any downtrend; the resistance level of 1450 SAT and above may come into play.
