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.

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