2020-1-25 02:48 |
The Binance Coin (BNB) price has been decreasing since June 24, 2019. If it manages to hold on above the current support area, the price is likely to make another attempt at moving towards $20.
Binance Coin Price Highlights The BNB price has been correcting for nearly six months. There is support at $16.50 and $14.50. There is resistance at $18.50 and $22. The RSI supports a price increase.Altcoin trader @livercoin outlined a BNB price chart stating that he believes that the price will soon break out above the current resistance and reach $20.
That resistance won't hold much longer.
20$ next imo. $BNB pic.twitter.com/K3D79SwFfh
— Livercoin (@livercoin) January 22, 2020
Will BNB be successful in doing so, or will the current rally fail?
Previous Upward MovementThe BNB price increased throughout the entire first half of 2019. However, the price reached a high of $43.15 on June 22 and has been decreasing since.
The decrease continued until December 18, when the price reached the 0.786 Fib level — a very likely price level for a reversal. BNB has been increasing since.
Looking closer at the increase, we can see that it was preceded by bullish divergence in the RSI. In addition, the RSI has moved above the 50 line — potentially indicating that a bullish market cycle has begun.
Future MovementThe rally stopped once the Binance Coin price reached the $18.50 resistance area on January 15, 2020. Once there, the price attempted to break through until January 22 and created several long upper wicks. However, it ultimately failed to break out above.
The price has been decreasing since and has reached the $16.50 support area, which also coincides with the 100-day MA.
If the BNB price reverses here and continues to increase, it could move towards the closest resistance areas at $18.50 and $21.50, respectively.
Conversely, a breakdown would take the price towards support at $14.50.
In the short-term, the Binance Coin price is trading inside a descending channel. While there is some short-term divergence in the RSI, it is not sufficient in predicting a price reversal.
To conclude, the BNB price has been decreasing since June 24, 2019. The price is currently in an area that is likely to provide a reversal, which could take the price above $20. Our outlook for BNB is neutral but leaning on bullish.
The post Binance Coin Might Have Finished Correcting: Here Is What It’s Targeting appeared first on BeInCrypto.
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