Price Analysis

Binance Coin Gradually Corrects After Today’s Bullish Price Actions

  • Binance coin has recently attained a breakout of the falling wedge
  • The gradual price drop took place after the coin went up to $20.55
  • Technical indicators appear bullish enough to indicate a possible uptrend
  • BNB kept trading around $20 since today morning

Today, morning price actions of BNB coin were quite bullish due to which the coin struck a price surge. However, the coin is yet to trade above $21 against the U.S. Dollar. Meanwhile, Bitcoin is trading below $9000 for the last five days.

Binance Coin Price Prediction

Binance coin opened today with its trading price at $20.24 and slightly dropped to $20.12. Seeing support here, the coin escalated rapidly and recorded an increase of 2.13%. Here, the coin went as high as $20.55 and then pulled back to $20.34. After a mild recovery to $20.46. the coin initiated a steady yet gradual downward correction while tracing a falling wedge. This indicates a strong bearish price move, which, however, broke when BNB started an uptrend from the Fib retracement level of 61.80%.

The meek price recovery has ushered the Binance Coin to $20.37 at 09:44:30 UTC, near 38.20% Fib retracement level. The breakout of the falling wedge points out to the upcoming price rise.

Binance Coin Price
BNB Chart By TradingView

The technical indicators are showing positive signs as the short term SMA line is above the long term SMA line. The MACD line is also above the signal line noting a bullish indication. RSI, on the other hand, is at 54, noting a stable phase for the BNB coin.

Binance coin is likely to face resistance at $21.71 and $22.12 if it manages to trade above $21.01, and its support levels pose at $19.9, $19.49, and $18.79.

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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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