Failing to reach $348, Binance coin price had to come down to $325. At that point, by hitting the upward trendline, it managed to turn bullish. Binance coin price that was stuck within a triangle failed to surpass the top part and had to halt by hitting the $340 zone. Furthermore, BNB lost the support level at the bottom part of the triangle at $330 and even came down to $320 today. At one point, for the 1-hour price candles, the lower shadow touched $317 but it soon went back to $320. At the time of writing this article, Binance coin price is around $322.
Binance Coin Price Action Analysis
Taking a look at the 1-hour chart, Binance coin price was inside a triangle patter yesterday. It failed to escape through the top part and by losing the support at $330, it escaped from the bottom. During the bear run, by losing the SMA100 at around $328 the bear run gained momentum. Subsequently, BNB fell as low as $320 today. In this zone, the upward trendline is supporting the price.
In case the support continues, we expect Binance coin price to turn upward again. For the bullish scenario, the fist resistance level will be the $325 to $326 zone. However, an even more important barrier is the $328 located near the SMA100 as well as the 50% Fibonacci retracement from the latest decline. Upon success, the downward trendline around the $332 zone will be the next resistance level. Moving beyond these points and stabilizing above the trendline will give BNB a solid chance of reaching the $338 to $340 zone.
Also, The RSI indicator should also be considered. The RSI is currently facing a downward trendline. IF it manages to break the trendline, we can expect the Binance coin price to turn bullish.
On the other hand, if the $320 zone fails to support the price, further decline will follow.
For the bearish scenario, the first support level is at $317. In case of losing that, we expect the $310 to $309 zone to support the price next. Any further decline could bring the price down to the $305 to $300 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BNB is downwards.
RSI: the relative strength index is approximately 35
Resistance levels: BNB`s first resistance level is at the $325 to $326 zone. Following that, the next ones will be at $328 and then $332. Then, the $338 to $340 will follow.
Support levels: the first support level is on the $320 to $317 range. Then the $315 to $310 zone and following that the $305 to $300 will follow.
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