Binance Coin (BNB) Price Analysis – BNB Struggles Below $15 But May Soon Bounce-Back!

Binance Coin (BNB) Price Analysis – BNB Struggles Below $15 But May Soon Bounce-Back!

Binance Coin has suffered from weak price volatility for some days now, resulting in a strong bearish action in the market. Due to this, the token is trading below $16 since the market opens for the week. BNB now trades at $14.7 price levels but the bearish outlook signals a more downward range. However, the bulls may regain control of the market if demand increases.

Binance Coin (BNB) Price Analysis: 4H Chart – Bearish

Key resistance levels: $14.9, $15.5
Key support levels: $14, $13.8

Looking at the 4-hour chart, Binance Coin is trading on the downside with no sign of positive move at the moment. The bearish pattern may cause more pressure towards the $14 support. A drive beneath this support could allow a heavy sell-off to $13.8 support, which is currently acting as the last defence line for the bulls.

BNBUSD, 4H Chart – December 11

Reclaiming $15.5 could be a bit difficult for the buyers, but $15 appeared to be a close resistance. If BNB manages to climb above the white resistance line, the price is likely to go up. Considering the technical indicators reading, Binance Coin is bearish on both the RSI and the MACD, suggesting that more loss could be around the corner.

Binance Coin (BNB) Price Analysis: Hourly Chart – Bearish

Following yesterday’s quick recovery, Binance Coin is now making a double-bottom pattern around $14.5 support. While deciding on the next important move, a potential rise could send BNB back to $14.9 resistance. A cross above this resistance would confirm a short-term bullish to $15.4 resistance in no time.

BNBUSD, Hourly Chart – December 11

Inversely, we may experience another bearish phase if the downward price shift continues. The current support is $14.5. A break may allow BNB to print a new low at $14. At the time of writing, Binance Coin is forming a bullish pattern on the RSI. We can expect the bulls to take over the market as soon as the MACD produces a bullish crossover. For now, the BNB market is still under bearish control.

BNB BUY SIGNAL

Buy Entry: $15.4
TP: $15.4
SL: 14.4

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.