Binance Coin (BNB) price analysis shows that the altcoin still faces pressure together with the wider crypto market, having the BNB/USD pair selling even 10 percent lower since the start of this week. In our BNB Coin news today, we take a closer look at the price analysis.
Still trading 200% higher since the start of 2019, the BNB/USD pair is at this time trading down from the monthly peak by over 17.5%. Signaling more potential weakness onward, the coin has not been trading higher than its 200-day average since August 28th and even had two daily losses consecutively below the 50-day moving average. The inverted head and shoulders pattern can be easily seen in the four-hour time frame charts so the buyers have to keep the level of $15.00 in order to keep the bullish pattern present.
The Medium-term buyers must advance to the BNB/USD pair above the $23.50 level to provoke the pattern of inverted head and shoulders, meaning that a recovery of 30% from the present levels must take place for this consequence to happen. The Binance Coin (BNB) price analysis also pointed out that the $16.00 level will unlikely be reached as the selling pressure gets eased by the recover above the $19.50 level.
The daily charts show a strong bullish falling wedge creating and the top of the wedge is now going down towards the $9.00 level. The overall upside potential of the wedge pattern can be easily spotted at the BNB/USD pair testing the 2019 high around the $40.00 level.
The general sentiment in the long run for the Binance Coin is bearish at 39%, also the sentiment in the short run is bearish at 37.50% according to the last sentiment data. The Key technical resistance is shown to be located at the $19.50 and $20.10 levels according to the four-hour charts. At the levels of $27.00 and $29.50, above the present monthly trading high, is found the key technical resistance.
Strong short-term technical support has the BNB/USD pair, shows the four-hour charts, about the $17.50 and $16.20 levels. And at the $15.00 and $14.00 levels are located the key medium-term technical support for the BNB/USD pair.
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