Binance Coin price has witnessed a decline in the past 24 hours. Nevertheless, the BNBUSD pair is reflecting a bullish trend from the past few days. Can traders can expect an early recovery in the coin?
Binance Coin (BNB) started the year below $14 level as it continued to surge. In the past four days, the price of Binance Coin rose from $0.23 and was sustained above $0.25 level. However, the bulls could not continue the momentum above the $0.26 resistance. At the time of writing this Binance Coin price analysis, the coin is changing hands at the $0.25 support level.
On the upside, if this support holds, we anticipate the bulls to make another attempt to carry the price back to $0.26 resistance. If successful, the bulls will likely meet resistance at the $28 and $30 level. On the other hand, a break below the $0.25 and $0.23 support levels will tilt the advantage in favor of the bears.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the BNBUSD price is in a bullish trend. Any dip below $0.2523 is likely to find support in the $23.5213 to $21.80 level. If the price bounces off this level, the bulls will again attempt to carry the price to $27 and above it to $29.
Our bullish view will be invalidated if the bears sink the price below the support zone. Therefore, traders can keep the stop loss on the entire long position at $21.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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