Binance Coin price had been trading below the fifteen dollars ($15.409) dollars mark for the majority of the day, yesterday.
A break below the fourteen dollars mark ($14.685) dollars plunged the price back up to the fifteen dollars ($15.84) territory. The traders do not want the 14.5 dollars support to break. At the time of writing, the BNB/USD pair trades at fifteen dollars ($15.683). The twenty-four (24) hour trading volume for Binance coin price is stationed at eighty-one million dollars ($81,332,988). The market cap for BNB values at two billion dollars ($2,439,354,395).
We have a descending channel enclosing BNB and making it difficult for Binance Coin price to make sudden spikes. This gives us a clear view of where BNB s headed and that isn’t towards the top of the chart.
The next major support mark is found at the bottom of the descending channel with some of the support marks being formed near the trading price. BNB will immediately face the fourteen dollars ($14.5) mark which is fairly good support. This support will probably hold till tomorrow. We can also count on the thirteen dollars ($13.904) dollars mark to create a hindrance for the sellers. Below the thirteen dollars mark, BNB will probably rally to the lower end of the bearish pattern.
Resistance will be encountered by BNB will be the exponential moving average (EMA) and the simple moving average (SMA) in succession with the main resistance sitting at the eighteen dollars ($18.30) mark. If the bulls do manage to pull it off and drag the price to the eighteen dollars resistance then the resistance line of the descending channel will be next, close to which is the SMA.
The relative strength index (RSI) is deeply in oversold territory and thus the buyers are not quite interested in making any big moves just yet.