PRESS RELEASE: Binance Coin Price Analysis: BNB/USD Gets Rejected; Price Breaks Below the Moving Averages

PRESS RELEASE: Binance Coin Price Analysis: BNB/USD Gets Rejected; Price Breaks Below the Moving Averages
January 21, 2021
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BNB Price Analysis – January 20

The daily chart reveals that the bears are gradually taking over the Binance Coin market.

BNB/USD Market

Key Levels:

Resistance levels: $45, $47, $49

Support levels: $38, $36, $34

BNBUSD – Daily Chart

BNB/USD touches a daily high of $42.80, after which it started retreating below the 9-day and 21-day moving averages. More so, the decline continues until it touches the low of $40.29. Meanwhile, the RSI (14) is trading below 60-level as the 9-day MA may cross below the 21-day moving average to continue the downward movement.

What to Expect from Binance Coin (BNB)

According to the daily chart, the BNB price may likely find support at $38, $36, and $34 if the downward movement continues. Meanwhile, the direction of the longer-term trend remains unclear. Therefore, if the bulls hold the support at $42, the market price may begin to climb higher; more so, the bulls may expect immediate resistance to be located above the moving averages while the higher resistance lies at $45, $47, and $49 respectively.

BNB/BTC Market: Consolidating to the downside

Against Bitcoin, the price is trading above the 9-day and 21-day moving averages and in as much as the price actions keep respecting the channel formation, Binance Coin may continue to follow the downward trend which may likely cross below the lower boundary of the channel.

BNBBTC – Daily Chart

However, with the current movement in the daily chart, if the price moves above the upper boundary of the channel, it may likely reach the potential resistance levels at 0.0014 BTC and above. In other words, if the market breaks below the channel, BNB/BTC may likely reach the support level of 0.0010 BTC and below as the RSI (14) moves below the 50-level, suggesting steady bearish signals.

This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/20/binance-coin-price-analysis-bnb-usd-gets-rejected-price-breaks-below-the-moving-averages/

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