Binance Coin Price Analysis – April 24
The Binance Coin price moves sideways but couldn’t break towards the upper boundary of the channel.
Resistance levels: $450, $470, $490
Support levels: $350, $330, $310
At the time of writing, BNB/USD begins the day with a bullish movement after which it touches the low of $397 support. However, the coin is recovering in the last few hours but the improvement is not likely to turn into a profit. More so, the current market situation isn’t impressive at all. If we look at yesterday’s movement, the BNB coin was spotted dealing at a low of $397.
Binance Coin Price Analysis: Binance Coin (BNB) May Decline Slightly
Looking at the daily chart, the $450, $470, and $490 are significant resistance levels if the bulls push the coin toward the upside while on the downside if the price remains below the 9-day and 21-day moving averages, it could cause a bearish wave and beneath this, further supports could be found at $350, $330, and $310. The technical indicator Relative Strength Index (14) is likely to cross below 40-level, suggesting a price drop.
BNB/BTC Market: BNB Price May Move Sideways
Against Bitcoin, BNB is looking to retest the support at 0.010 BTC as the coin rebounds here but failed to make any movement above the 9-day moving average. However, the Binance coin price has been trapped within the channel for the past few weeks, and looking at it from above, the nearest level of resistance lies above the channel. Above this, higher resistance could be located at 0.011 BTC and above.
However, from below; the nearest level of support is found at 0.0101 BTC. Beneath this, support lies near the lower boundary of the descending trading channel. Lower support could be found at 0.009 BTC and below. The technical indicator Relative Strength Index (14) is around 55-level which shows that the coin is likely to drop further.