Price Analysis

Binance Coin Starts the Week from Bottom as Previous Week Saw Bears Coming in

  • BNB coin sees a bottom below $20 after a week-long price decline
  • The coin has recently breached below the key support level of $20
  • Binance coin has recorded a price drop of more than 8%

For the whole last week, Binance Coin (BNB) has been facing a strong bearish trend as it fails to trade above the stiff resistance near $21-$20. On the other hand, Bitcoin has been trading below $9000 for the last week. It seems bears are testing the patience level of the crypto investors for quite long now.

Binance Coin Price Prediction

Binance coin has been witnessing a notable price slump for a week; however, on a monthly chart, the coin has kept the uptrend intact yet. On November 13, the coin was trading with its price at $20.80, and it took a surge above $21 in the morning. After that, the currency couldn’t maintain an uptrend and started a steady price drop. It was on November 15, when BNB coin price touched a low at $19.73 and then mildly recovered above $20. The coin saw one more plunge near $19 yesterday, and today, Binance Coin is struggling to clear resistance above $19. At 05:19:29 UTC, it is trading at $19.86.

Binance Coin Price
BNB Chart By TradingView

Technical indicators for Binance Coin are in the negative zone as the short term SMA line is below the long term SMA line. MACD chart has entered the bearish zone with its MACD line below the signal line. RSI indicator is near 39, indicating a possible over-sold phase.

BNB coin is likely to see resistance levels at $20.89 and $21.17 if it manages to cross price barriers at $20.58. Meanwhile, the coin holds support levels at $19.99, $19.71, and $19.4.

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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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