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BINANCE (BNB/USD): The Crucial $25 Support Comes Back Into Play as BNB Moves Beneath $30

BNB Price Analysis – July 29

Binance Coin BNB has seen a sharp 12% price drop over the past 7 days which has brought the price of the cryptocurrency down to $26.

BNB/USD Market

Key Levels:
Resistance levels: $32, $34, $36
Support levels: $22, $20, $18

BNBUSD – Daily Chart

BNB/USD has continued to drop further lower until finding support at the expected level of $27. We can see that BNB/USD even spiked lower into support at $26.9. If the sellers start to push the market further lower once again, they can expect immediate support below to be located at $22 level.

Beneath this, further support is then found at $20 and $18. Alternatively, if the buyers can hold the support at $26 and start to climb higher, the bulls can expect immediate resistance to be located at $29 which is further bolstered by the 21-day MA. Above $29, higher resistance lies at $32, $34 and $36. The RSI is making attempt to break below the 40-level, which shows that the sellers are still not ready to give up their control over the market momentum.

BNB/BTC Market

However, the BNB price has been decreasing since. How long will this decrease continue? The BNB price is trading above the 21-day moving average and inside a major support area at 28399SAT. The long-term moving average is very close to making a bearish cross. The price has possibly made a head and shoulders pattern.

BNBBTC – Daily Chart

From above, if the buyers can move the price above 29000SAT, higher resistance lies at 31500SAT and 32000SAT. Moreover, should the bulls fails to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 24000SAT and 22000SAT while the RSI (14) heads towards the level 40, which shows that the sellers remain in control of this market.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.