Key Resistance levels: $20, $24, $28
Key Support Levels: $12, $8, $4
BNB/USD Price Long-term Trend: Bullish
Binance Coin has been in a bullish trend after the last bearish impulse in September 24. The market fell to a low at $16 and resumed an upward trend. Presently, it is facing resistance at the $21 price level.
In October, the bulls have made unsuccessful attempts to break the resistance at $21. The price will retrace to a low at $20 if it made an attempt at the resistance. Today, the price is retracing after failing to overcome the resistance level. Nevertheless, if the bulls break the resistance level, BNB will rally above $23 price level. Secondly, BNB will be out of the downtrend zone.
Daily Chart Indicators Reading:
BNB is presently in a bullish crossover, the 21-day SMA is above the 50-day SMA, indicating that price is rising. This has been confirmed by the Relative Strength Index period 14 level 63 that the coin is above the centerline 50. The 1.272 extension level is where BNB reverses from the downtrend according to the Fibonacci tool.
BNB/USD Medium-term bias: Bullish
On the 4-hour chart, the market is rising to the previous highs. The price will test on the support of the trend line to continue its upward move. Binance Coin is now at the $21 overhead resistance. This was the previous support in September which the bears broke and the market fell to a low at $16.
4-hour Chart Indicators Reading
Today, the market is retracing from the overhead resistance. If the price retraces and breaks below the 21-day and 50-day SMAs, BNB will be in the bearish trend zone. That is the selling pressure may resume. Nevertheless, if the price breaks below the bullish trend line, the upward trend has been terminated. The coin is at the overbought region below the 80% range of the daily stochastic. This implies that the market is in a bearish momentum.
General Outlook for Binance Coin (BNB)
Binance Coin (BNB) will resume its upward movement after a retracement. The bulls have been struggling at the resistance to break above it. The coin lacks a buying power at a higher price level. The positive aspect is that the market has been retracing to the support of the 21-day SMA for a possible bullish resumption.
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.