Ethereum
$ 1,170.99 3.70%
Solana
$ 37.21 6.26%
Dogecoin
$ 0.069327 8.03%
ApeCoin
$ 4.83 0.36%
Bitcoin
$ 20,616.00 2.27%
BNB
$ 231.92 1.43%

Binance Coin price analysis: BNB heads towards $18.30 on the descending slope

Binance Coin price analysis BNB heads towards 18.30 on the descending slope

Binance Coin price has consistently been following the downtrend and surprisingly, the trend does not seem to deviate much from the path it had originally chosen except for the dip on September 22.

From the looks of the Binance Coin price trajectory, we can assume that BNB is headed straight for the eighteen dollars support mark ($18.30). The bears are pulling hard but the fact that the graph does not yield sudden decline pits is reason enough for us to believe that the bulls are still trying.

Binance Coin price analysis: BNB heads towards $18.30 on the descending slope 1

Binance Coin price chart by TradingView

Will Binance Coin price recover?

At the time of writing, BNB trades at nineteen dollars ($19.35) while the twenty-four (24) hour trading volume for Binance Coin is valued at one hundred and thirty million dollars ($130,410,497). The market capital for BNB sums up to three billion dollars ($3,011,930,400).

Bot the exponential moving average (EMA) and the simple moving average (SMA) are running above the trading price. They are acting as minor resistances but the bearish momentum that has crept upon BNB will not let the bulls take charge. If the bulls do push past the fifty (50) day SMA then buyers should spill in, to get a hold on as many Binance Coin they can get.

Binance Coin price analysis: BNB heads towards $18.30 on the descending slope 2

Binance Coin price chart by TradingView

In the meantime, the twenty (20) day EMA will not be providing any relief to the buyers and a reversal might ensue any time the price breaks this support mark. The relative strength index (RSI) is also in oversold territory but shows inclination in its tread pattern which is a bullish sign.

Given the fact that the RSI gives hope of a bullish outbreak, there is still little chances of it happening given the downtrend. On the lower side, if the traders are unable to keep the price above eighteen dollars ($18.30) then the next support level will be encountered at sixteen dollars ($16.2501). A more likely outcome is for BNB price to sink currently.

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.

Related News

Hot Stories

Chainlink price analysis: LINK value drops to $6.5 after a bearish slide
Cryptopolitan to host Vidma in upcoming Web3 Masterminds session
Bitcoin price analysis: BTC retests $21,500, swift drop to $20,000 incoming?
Eminem promotes a BAYC video alongside Snoop Dogg
Ossification of Bitcoin

Follow Us

Industry News

Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records
Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b