Binance Coin Price Analysis – November 1
After touching the daily low of $502, the Binance Coin price touches a new daily high of $559.
Resistance levels: $600, $620, $640
Support levels: $450, $430, $410
BNB/USD is trading at $543.5 after confirming a daily uptrend and climbing towards the upper boundary of the channel. However, the Binance Coin is making a triumphant return among the top five coins; therefore, BNB could touch a new daily high at over $550 in the next positive directions. At the time of writing, BNB validates the $500 level as support, before resuming its upward movement.
Binance Coin Price Analysis: Binance Coin (BNB) Ready to Blow Hot
As the daily chart reveals, the 9-day moving average is confidently moving above the 21-day moving average and the coin is likewise trading above the resistance level of $500 which connotes that buyers are gaining upper hand in the market. However, the technical indicator Relative Strength Index (14) is currently moving towards the overbought region, pointing up to indicate a buy signal.
Meanwhile, should in case the buyers were able to push the price above the upper boundary of the channel and the daily candlestick closes above this barrier, the market price may rally towards the resistance levels of $600, $620, and $640 while the supports could be located at $450, $430, and $410 respectively.
BNB/BTC Market: Price Moves to the North
When compares with Bitcoin, if the Binance Coin price continues to follow a bullish surge above the 9-day and 21-day moving averages, the price of Binance Coin may swing high towards the upper boundary of the channel to touch the resistance level of 9600 SAT and above.
Meanwhile, on the contrary, crossing below the 9-day and 21-day moving averages could lead the coin to the support level of 7800 SAT and below. On the technical indicator, the Relative Strength Index (14) signal line is currently moving above 60-level, pointing up to indicate a bullish movement.