BNB Price Analysis – January 25
Binance Coin (BNB) has seen a sharp 0.33% price drop today which has brought the price of the cryptocurrency back to $17.
BNB/USD Market
Key Levels:
Resistance levels: $19, $20, $21
Support levels: $15, $14, $13
BNB/USD price has continued to drop further lower until it finds support at the expected level of $17. Looking at the daily chart, we can see that BNB/USD even spiked lower into support at $16.46 before coming back to $17.00. If the sellers continue to push the market further lower once again, the immediate support below $17 level will be located. Beneath this, further support is then found at $15, $14 and $13.
Alternatively, if the buyers can hold the support at $17 and the price begins to climb higher, the bulls can expect immediate resistance to be located at $18 which is further bolstered by the 9-day moving average. Above $18, higher resistance lies at $19, $20 and $21. The stochastic RSI is moving into the oversold zone, which shows that the sellers are still not ready to give up over the control of the market.
BNB/BTC Market
Against Bitcoin, after serious drops, the BNB price has been making attempt to move up higher as it moves towards the 9-day moving average and within a major support area at 0.00202BTC. The long-term moving average may likely make a bullish cross but currently, the market is indecisive as it could follow a sideways movement.
From above, if the buyers can push the price above 0.002102BTC, higher resistance lies at 0.00215BTC and 0.00220BTC. Moreover, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 0.00190BTC and 0.00195BTC as the stochastic RSI is moving out of the overbought zone, which shows that sellers may soon dominate the market.
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