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Binance Coin Price Prediction: BNB/USD Got Rejected at $292 Level

Published on

June 22, 2021

Binance Coin Price Prediction – June 22

The Binance Coin price is currently hovering below the 9-day and 21-day MAs as the price is down by 5.38% over the last 24 hours.

BNB/USD Market

Key Levels:
Resistance levels: $385, $405, $425
Support levels: $135, $115, $95

BNB/USD price continues to drop further lower after touching the resistance level of $292. However, the daily chart reveals that the Binance Coin even trades lower into the support at $224 before moving back to $256. Therefore, if the bears continue to push the market further lower once again, the immediate support below the $200 level may be located. Beneath this, further support could be found at $135, $115, and $95 levels.

Binance Coin Price Analysis: Where is BNB Price Going Next?

As the daily chart reveals, the Binance Coin price may continue to follow the bearish movement in as much as the coin remains below the 9-day and 21-day moving averages. Nevertheless, if the buyers hold the support at $250 and the price begins to climb higher, the bulls could push the Binance Coin price above the upper boundary of the channel and it may expect immediate resistance to be located at $350.

Additionally, looking at the upside, higher resistance levels lie at $385, $405, and $425. Nevertheless, the technical indicator Relative Strength Index (14) is about entering into the oversold region, which shows that the market may continue with the downward movement.

BNB/BTC Market: Consolidating below the Moving Averages

Against Bitcoin, the Binance Coin price is moving below the 9-day and 21-day moving averages, in as much as the price actions keep respecting the channel formation, Binance Coin may remain perpetually at the downside. Meanwhile, the traders need more strong and consistent resistance to get the price from the bear-run for the Binance Coin market.

However, with the current movement in the daily chart, if the price continues to move above the channel's lower boundary, further bullish movement may likely reach the potential resistance levels at 9900 SAT and above. In other words, if the market focus on the bearish movement, the Binance coin price may likely hit the support level of 6500 SAT and below as the Relative Strength Index (14) moves into the oversold region.

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 22, 2021

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