Binance Coin Price Analysis – August 2
The Binance Coin price may continue to form higher as the bears may lose grip over the coin soon.
Resistance levels: $385, $405, $425
Support levels: $280, $260, $240
The Binance coin price is seen making an attempt to cross above the upper boundary of the channel while the $321 support level remains the critical support where the price has been holding for some time now. However, since yesterday, BNB/USD has been trading above the 9-day and 21-day moving averages and this makes the coin touch a daily high of $341.
Binance Coin Price Analysis: Will Binance Coin Move Higher?
BNB/USD pair may continue to rise and break above the upper boundary of the channel if the bulls defend the $330 support level. Therefore, any further bullish movement above the channel may push the price to the potential resistance levels of $385, $405, and $425.
Nevertheless, this technical analysis may be invalidated if the bears break below the 9-day and 21-day moving averages and fall to the low of $280, $260, and $240 support levels. Moreover, the technical indicator Relative Strength Index (14) is moving above 60-level to give more bullish movements in the next positive directions.
BNB/BTC Market: Price Moves to the Upside
When compares with Bitcoin, the Binance coin price is trying to move up higher as it crosses above the 9-day moving average and within a major resistance area at 8420 SAT. The long-term moving averages may likely keep the bullish movement as the market is starting a new trend by moving towards the 21-day moving average.
However, if the buyers could push the price above the upper boundary of the channel, higher resistance could be located at 9400 SAT and above as the technical indicator Relative Strength Index (14) is moving towards 45-level, indicating that buyers are coming to play. Moreover, should the bulls fail to move the current market value above the aforementioned barrier, the bears may step back into the market and the nearest support level could be located at 7400 SAT and below.