Binance Coin BNB Price: Declining by 7.89%

Binance Price Analysis

Binance Coin BNB price has been unable to soar beyond the $21.0 resistance mark. Owed to these differences, there has been a steep decline in price beneath the $20.0 support area. 

Presently, the price is performing well below the $19.5 mark. It appears that the Binance price has advanced to and then below the $18.8 support level as of the 18th, continuing its bearish pattern into the 19th.

Binance Coin BNB Price Analysis – 18th November (BNB/USD)

Binance Coin BNB Price Analysis Chart 1

Binance Coin BNB Price Chart by Trading View

Indicated by the graph above, Binance has suffered a low-blow when it comes to pricing. The coin fell below its immediate support zone of $18.80 to $18.56, which was the lowest for the day. The currency rose only slightly to continue its path below the $19.5 mark, as mentioned above. It has succumbed to the bearish pressure and now lies in the red zone and continues its way downwards, leading to an adverse price change by 7.89 percent on the 19th. The coin opened up at $20.16, which was the highest for the day. The price has been declining ever since. 

Technical Indicators

Binance Coin BNB Price Analysis Chart 2

Binance Coin BNB Price Chart by Trading View

The price of Binance closed at a dip to $18.75 on the 19th of November, 2019, trailing close to the Exponential and Simple Moving Averages. The market is declining once more. The inability of the bulls to secure the 20-Day Exponential Moving Average (EMA) is a bearish indicator.

The price can promptly dip to the 50-Day Simple Moving Average, which is just beyond the uptrend movement and the support mark of $18.3. The Relative Strength Index (RSI) closed at 19.55, which proves the bearish likeliness.

The bulls are expected to defend the support, allowing the price to finally surge to $21.24, which it has continuously failed to achieve. However, in case the BNB/USD pair falls short of these advancements, it could fall back to $16.5. Under the circumstance of this position failing to hold, a drop to $14.25 could be expected.

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Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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