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Binance Coin price analysis: It all rests on the $16 support mark

Binance Coin price analysis It all rests on the 16 support mark

Binance Coin price has seen its fair share of stagnant price graphs during the first quarter of 2019. BNB had been trading in the range enclosed by eight ($8.5) dollars on the top and seven ($7.5) dollars on the bottom.

BNB took a carnival ride making its way up to the nineteen dollars ($19.73) on the first of April. Binance Coin rose above twenty dollars ($25.27) on April 20. The gained momentum till it reached thirty-five dollars ($35.76) from there a rebound was experienced to twenty-eight dollars ($28.603). BNB found itself resting at the highest mark it has been at thirty-nine dollars ($39.49) and has been on a decline since then.

Binance Coin price analysis: It all rests on the $16 support mark 1

Binance Coin price chart by TradingView

Today, BNB trades at twenty-one dollars ($21.90) at the time of writing. In our last analysis, we expected the bears to take BNB down. However, if anything should happen- it is a rebound at one of the support marks.

Binance Coin price has a rebounding chance

Trader and analyst HamadaMark gave the verdict on the buying price which, according to him, lies below the twenty-two dollars ($22) region.

The major resistances that will make it difficult for the bulls to pull BNB price have huge differences between them in the long run. The first resistance that BNB will encounter is at twenty-three dollars ($23.02). The major resistance mark is up next at the twenty-seven dollars ($27) mark.

Binance Coin price analysis: It all rests on the $16 support mark 2

 

Binance Coin price chart by TradingView

A break above twenty-seven dollars ($27) will give BNB a boost to thirty-six dollars ($36). If the bulls break past the thirty-six ($36) dollars mark as well, then we can expect them to move to the forty-two dollars ($42) region. Further inclination will give us a new BNB all-time high (ATH).

If the price keeps going down because the relative strength index (RSI) indicates that such a case will arise because it is quite shabby.  But we have a rebound pattern following the sixteen dollars ($16) support mark. If no retracement happens then we can expect support from fourteen dollars ($14.5). The last line is the seven dollars ($7.5) mark that will act as support. This mark actually is from where we started.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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