With no seeming end to the crypto-market volatility, Binance Coin BNB price once more succumbed to the bearish influx and fell to its support near $14.39 on the 22nd of November. From here, the coin showed some movement upwards but majorly remained below the baseline.
Binance Coin BNB Price Analysis – 22nd November (BNB/USD)
Far from crossing the $21.00 resistance mark which the altcoin was aiming to do before the market volatility washed away any prospects from occurring, the price fell below its baseline early in the day. The benchmark for the day was set at a value of $16.00, and the price went below this line at around 10:00 GMT.
The highest value for the day occurred early into the day at 08:04 GMT; this value reached the $17.25 level. The coin reached the lowest value it has reached since early-October at $14.4 around 14:14 GMT. This support was only able to surge the currency a dollar higher to close at $15.4. Currently, at the time of writing, the coin is consolidating at $16.1, which shows that there is improvement peering across the horizon.
As shown by the full-featured chart above, initial trading remained above the baseline before it fell before it. This indicates that the bulls are finally garnering some momentum to prepare for a surge. This can also be proved by the Relative Strength Index (RSI) value which closed at 53.47 which tilts towards the bullish angle more than it does the bearish angle. However, there is still a long way to go for the bulls.
As of the 22nd, the short-term resistances lie at the $16.97, $18.53 and $19.82 levels. Similarly, short-term support lies at the $14.12, $12.83 and $11.27 marks.
Featured Image Background by Jason Wong