BNB Price Analysis – March 13
After touching a $6.82 support level early this morning, Binance Coin (BNB) gains over 16.9% as the price faces the north.
BNB/USD Market
Key Levels:
Resistance levels: $18, $20, $22
Support levels: $3, $1, $-2
Finally, BNB/USD has broken the $17 support level, and it continues its downward fall. The $17 support level is critical support where price has been holding for some sometimes. Looking at the daily chart, we can see that BNB/USD even spiked lower into support at $6.82. More so, if the sellers continue to push the market further lower once again, the immediate support below $5 level will be located. Beneath this, further support is then found at $3, $1 and $-2.
However, if the buyers can hold the support at $10 and the price continues to climb higher, the bulls may expect immediate resistance to be located at $15 which is still below the 9-day and 21-day moving averages. Above $15, higher resistance lies at $18, $20 and $22. The RSI is moving out of the oversold territory, which shows that the bulls are stepping back into the market.
BNB/BTC Market
Against Bitcoin, after serious drops, the BNB price is making an attempt to move towards the 9-day and 21-day moving averages and within a major support level at 0.0021 BTC. The long-term moving average is very close to making a bullish cross. At the time of writing, the BNB/BTC price is following a downward trend.
Looking at it from above, if the buyers can push the price above 0.0021 BTC, higher resistance lies at 0.0022 BTC and 0.0024 BTC. Moreover, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 0.0016 BTC and 0.0014 BTC while the technical indicator RSI (14) moves into the oversold zone.
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