BNB Coin Price Analysis: Possible Reversal To $26

BNB Coin price managed to create three lower lows between this month and June as the price closed to 50% of its value as we are reading in the altcoin news below. However, with a further downside expected, there are some signs of reversal that could be playing out.

On the 1 hour chart for BNB/USDT we can see that at the end of August, the BNB Coin price levels crashed below the $25 support as mentioned in the previous analysis and since then the price levels have managed to bottom out at $21 and the market price action created an ascending channel. Both of the 50 MA and 200 EMA are touching for the first time in the 1 hour visible chart range. The RSI has also created three higher highs. The volume has been gradually increasing since the 30^th of August just as the price action dropped to $21 and the volume levels have since managed to keep increasing and to sustain the newly developed ascending channel which could result in the coin testing the breakout resistance at $24.5.

It is likely that the BNB coin price levels will trade within the ascending channel over the next week and then create a new low. It is also very important to notice and to watch not to enter into another position until either price levels have breached the breakout point at $24.5 or could break down through the ascending channel support. On the 8 hour charts for the BNB/USDT pair, we can also see a clear falling wedge formed from the highs at $39 down to the current lower low at $21. The falling wedges are inherently bullish and they are forming off the back of an explosive to the upside. The downside within the falling wedge is also likely. The key support to watch out now is $19.8.

As per the analysis in the latest cryptocurrency news, the volume has begun to increase over the last few days compared to the levels seen through August. In order for the price level to maintain a bullish breakout, the volume levels have to return to the levels seen in May to July.