Price Analysis

Binance Coin (BNB) Faces Rejection Above $21; Gears Up for a Rebound

  • BNB has recently found support near $20; meekly starts to recover
  • The coin is yet to attain a momentum despite moderately positive technicals
  • Binance coin has just formed a falling wedge followed by a breakout

After yesterday’s surge above $21, Binance coin is on the bearish spree considering the overall bearish market. BNB has repeated the same price pattern today as it went above $21 and then saw a pulled back.

Binance Coin Price Analysis

BNB coin started trading yesterday with a low swing near $20.55; From there, it took a sharp increase of 5.50% and hit the $21.68 price mark. Despite corrections, the coin remained above $21 till it closed day. Today, after a high spike to $21.58, the Binance Coin price has kept dropping heavily. It has just found support near $20.77 to rebound and is currently trading at $21.00 at 10:27:33 UTC. The price trend has formed a falling wedges pattern, which is a negative sign, while the break-out gives hope of recovery.

BNB Price
BNB Chart By TradingView

Technical Indicators are heading towards a bullish zone except for SMA lines. Although the short term SMA line is above the long term SMA line, both the lines are coming closer to each other. RSI of BNB coin is just below 50, showing stability. MACD chart is about to have a bullish crossover. The chart manifests a support line at $20.58 and a resistance line at $21.52.

Digging further into the support and resistance levels, Binance coin may face resistance at $21.69, $22.13 and $22.62 while its support levels can be at $20.76, $20.27 and $19.83.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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