Binance Coin Price Analysis – October 16
Binance Coin price still maintains the bullish path but couldn’t break towards the upper boundary of the channel.
Resistance levels: $545, $565, $585
Support levels: $400, $380, $360
At the time of writing, BNB/USD begins the day with a bullish movement after which it touches the low of $457 support. However, the coin is recovering in the last few hours but the improvement is not likely to turn into profit. More so, the current market situation isn’t impressive at all. If we look at yesterday’s movement, the BNB coin was spotted dealing at a high of $518 and a low of $430.
Binance Coin Price Analysis: Binance Coin (BNB) May Decline Slightly
Looking at the daily chart, the $545, $565, and $585 are significant resistance levels if the bulls push the coin towards the upside while on the downside, if the price experience a break below the 9-day and 21-day moving averages, it could cause a bearish wave and beneath this, further supports could be found at $400, $380, and $360 levels. The technical indicator Relative Strength Index (14) is likely to cross below 60-level, suggesting a price drop.
BNB/BTC Market: BNB Price May Move Sideways
Against Bitcoin, BNB is looking to retest the support at 7585 SAT as the coin rebounds here but failed to make any movement above the 9-day moving average. However, the Binance coin price has been trapped within a steep descending price channel for the past few weeks and looking at it from above, the nearest level of resistance lies at 8000 SAT. Above this, higher resistance could be located at 8500 SAT and above.
However, from below; the nearest level of support is found at 7500 SAT. Beneath this, support lies near the lower boundary of the descending trading channel at around 7100. Lower support is found at 7000 SAT and below. The technical indicator Relative Strength Index (14) is around 42-level which shows that the coin is likely to move sideways. Meanwhile, traders may need to see the RSI (14) rise and break above 50-level to recover.