Binance Coin price remains under heavy downside pressure as the BNBUSD pair continues trading with losses.
Binance Coin Price Technical Analysis
For the past one week, the price of Binance Coin (BNB) has been consolidating between $16 and $14 price levels. This is an indication that buyers and sellers are indecisive about the direction of the market. On September 8, BNB was trading at the $22 level. Nevertheless, the bulls were resisted and the price started to decline.
At the time of writing, Binance Coin price is strongly bearish while trading at the $15 support level, below all the EMAs.
On the downside, if the price continues its fall, the market will decline to the lows of $14 and $13 price levels. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $22 price level. Nevertheless, Binance Coin is in the oversold region of the daily stochastic. This indicates that the price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, BNBUSD price is in a bearish trend. The pair looks set to post its fourth-straight month of losses as the bears keep moving aggressively to break below the $15 support level.
In the meantime, the downsloping moving averages and daily stochastic in the overbought region. This indicates that price is in a bearish momentum and a sell signal.
- Resistance Levels: $16, $17¸$22
- Support levels: $15, $14, $13
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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