Binance BNB price stabilizing beyond $20

Binance BNB price remains above the support area of $20 through a rather flat bias. It could initiate a new incline if it can climb beyond the resistances of $21.0 and $21.2. 

Binance BNB price: Peering into the day’s details

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Binance BNB price chart by Trading View

The day’s baseline set at $20.65, well above the support level, trading is somewhat streamlined. Movement becomes stagnant at several points in time, as indicated by the chart above for prolonged periods. This momentum shows that contrary to the volatility from yesterday and the previous week, movement continuously halts before progressing, majorly dropping before a rise to repeat the same pattern today. The bulls and the bears are seemingly reconciling even though the entire market capitalization appears to be somewhat optimistic.

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Binance BNB price chart by Trading View

The graph above shows the steady rise of both the 50-day Simple Moving Average (SMA) and the 20-day Exponential Moving Average (EMA) consolidating gains beyond the $20 support level. They closed at the price points of $20.38121 and $20.59834 as displayed, respectively.

The Relative Strength Index shows a value of 56.29 which could be a positive point for the bulls with the potential to rise beyond the current price, further consolidated by the tilt upwards at the time of writing.

However, the momentum seems to move in the opposite direction as it has decreased to -0.15832. 

For the Binance BNB price, the next key resistance levels on the upside are around the $22.00 and $22.4 marks.

Featured Image by Flickr.