Binance Coin BNB price: Falls by another 8.3%

With the market volatility refusing to come to an end, Binance Coin BNB price took yet another fall on the 21st to fall to the value of its expected support at $16.5. This downfall has been an ongoing progression since the past week with repeated falls as each day closed. 

Binance Coin BNB Price Analysis – 21st November (BNB/USD)

Binance Coin BNB Price Analysis Nov 21 Price Chart 1

Binance Coin BNB Price Chart by Trading View

As the graph above displays, there has been an overall decline for the 21st of November. The price spiked downwards to its lowest value of $16.26 at 15:04 GMT. At this point, a majority of the market was shown to act in favor of the bears, with altcoins such as Cardano and Dash also displaying similar movements downwards. Binance reached its highest value of $18.2 early as the day opened at 01:09 GMT. Overall, the trend was bearish and came to a close at a level of $16.5. 

Technical Indicators

Binance Coin BNB Price Analysis Nov 21 Price Chart 2

Binance Coin BNB Price Chart by Trading View

As the full-featured chart shows, the price moved below the moving averages as it dipped at several times but majorly followed a path hovering close to these averages. The 50-Day Simple Moving Average (SMA) closed at $16.53, trailing close to the price. Similarly, the 20-Day Exponential Moving Average (EMA) closed at $16.4.

The Relative Strength Index (RSI), as the day came to its close, closed at 47.75, which is relatively more bearish than it is bullish showcasing the state of the coin and the market as a whole.

Over the last seven days, the price has dropped by a total of -24.56 percent. 

Featured Image Background by Christophe.