Binance Coin Price Analysis – December 15
Binance Coin is currently at the bottom of the chart. The selling pressure at the support may cause the coin to slide into depreciation.
BNB/USD Market
Key Levels:
Resistance Levels: $20, $22, $24
Support Levels: $16, $14, $12
Presently, Binance Coin has fallen to the low of $14 and it is currently trading above it. The coin was in a bear market since June as it depreciated to a low of $16 in September. Early October, the bulls made an upward move to the higher price level but broke the resistance line. The price closing above it indicates that the bear market has been terminated.
Regrettably, the uptrend was short-lived as the coin was resisted at the price of $22. Binance Coin dropped again to the previous low above $14. The coin is consolidating above the support at $14. The market will go up if it bounces above the support level. Conversely, BNB will sink if the bears break below $14 and the price will fall to the next support. Meanwhile, the market is falling into the oversold region below 20% range of the daily stochastic. That means the coin is in bearish momentum.
BNB/BTC Market
On the BNB/BTC chart, the coin is in a bear market as it fell to a low of Ƀ0.0020000 but resumed a range-bound movement. At the bottom of the chart, the coin is fluctuating between the levels of Ƀ0.0020000 and Ƀ0.0025000.
According to the Relative Strength Index period 14 level 35, the coin is approaching the oversold region. The 12-day and 26-day EMAs are sloping horizontally indicating that the coin is in a range-bound movement.
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