BNB/USD Gets Rejected After Touching $416 High – Cryptovibes.com – Daily Cryptocurrency and FX News
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Binance Coin Price Analysis – March 25
The bears may take over as the Binance Coin couldn’t break above the upper boundary of the channel.
BNB/USD Market
Key Levels:
Resistance levels: $470, $490, $510
Support levels: $350, $330, $310
BNB/USD touches a daily high of $416, after which it started retreating towards the 9-day and 21-day moving averages. More so, the decline may continue if it crosses below the 9-day MA. Meanwhile, the Relative Strength Index (14) prepares to cross below 60-level, but the 9-day MA is still above the 21-day MA which confirms that the market price may not go dip.
Binance Coin Price Analysis: Next Direction for Binance Coin
According to the daily chart, the Binance Coin price may likely drop slightly but crossing below the moving averages may locate the support levels at $350, $330, and $310. However, if the bulls hold the support at $400, the market price may begin to climb higher again; therefore, the bulls may expect immediate resistance to be located above the upper boundary of the channel at $450 while the higher resistance lies at $470, $490, and $510 levels respectively.
BNB/BTC Market: Price Consolidates to the Downside
Against Bitcoin, the Binance Coin price is trading within the descending channel as the price stays below the 9-day and 21-day moving averages. However, Binance Coin will remain perpetually in downward movement as confirmed by the technical indicators. Meanwhile, the buyers need more strong and consistent resistance to push the upward movement.
For now, with the current movement on the daily chart, if the price moves toward the lower boundary of the channel, it may likely reach the critical support levels at 0.008 SAT and below. In other words, if the market could break above the channel, the Binance price could hit a resistance level of 0.010 BTC and above but the Relative Strength Index (14) moves to cross below 40-level.
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