Binance Coin price analysis: Traders to aim at closing BNB above $17

Binance Coin price corrected above the sixteen dollars ($16.00) mark and continued to move further but the bulls ran out of steam at the 16.20 dollars resistance mark.

BNB took a turn from that path and ended up being turned down back to the fifteen dollars territory. Trading below the sixteen dollars ($16.00) mark has made the traders worry that the coin might not revise its course before hitting the fifteen dollars support marks at $1.25 and $15.00 respectively.

Binace Coin price chart by TradingView

BNB trades at a price of fifteen dollars ($15.6745) at the time of writing and has decreased by one percent (1.8%) in the past twenty-four (24) hours. The market capital for BNB is valued at two billion dollars ($2,434,248,721) while the twenty-four (24) hour trading volume for Binance Coin sums up to be ninety-seven million dollars ($97,294,464).

Tough luck for Binance Coin price

The relative strength index (RSI) is bullish in the short to medium term for Binance Coin price, it seems that BNB will be successful in closing above the seventeen ($17.17) dollar mark which is the sixty-one percent (61.8%) Fibonacci retracement level from low at fifteen dollars ($15.01) to twenty-four dollars ($24.726) high. The RSI for longer terms is bullish which indicates that not much could be done once the price is above the seventeen dollars ($17.17) mark.

Binace Coin price chart by TradingView

The bulls will have to make the most of this time and try to push the price as much as they can. A break above the seventeen dollars region currently, will give a more volatile market to work with. For resistance above the seventeen ($17.17) dollars mark, we have nineteen dollars ($19.458), above the eighteen dollar mark ($18.30) at which BNB had been aiming previously. If the bulls manage to go past this mark as well then, they’ll face resistance at twenty-three dollars ($23.075). Further up is the twenty-four dollars resistance mark ($24.726).

Support for Binance Coin price lies below at fifteen dollars ($15.00). If he bears keep moving aggressively then they’ll be stomping over the fourteen dollars support ($14.1814) before they reach a major support marker at thirteen dollars ($13.69234).