Binance Coin Price Prediction – May 25
Today, the Binance coin price drops below the daily high of $378 and currently, there is no sign of improvement as traders may close the day with a loss.
Resistance levels: $500, $550, $600
Support levels: $200, $150, $100
According to the daily chart, BNB/USD is maintaining price momentum during the sharp decline. The Binance coin price is currently bearish as the coin continues to move in sideways, but traders expect the few days in the month to bring positive changes to the coin. Meanwhile, BNB/USD may lead to a sharp rise in prices but currently, the coin reflects a lower price.
Binance Coin Price Prediction: Can Binance Coin Price Move Lower?
The Binance Coin price is hovering below the 9-day and 21-day moving averages. Therefore, if the price slumps below the lower boundary of the channel, a bearish continuation may roll the market down to the support levels of $200, $150, and $100 while a possible bullish surge may drive the market above the 9-day moving average which may likely hit the nearest resistance at the $450 level.
However, any additional bullish movement towards the 21-day moving average at $500, $550, and $600 may further provide resistance levels for the market. Although, the technical indicator Relative Strength Index (14) is moving around 38-level and any attempt to drop below this level may cause the Binance coin price to remain in the bearish mode.
When compares with Bitcoin, the Binance Coin price is consolidating within the channel as the price actions keep moving below the 9-day and 21-day moving averages. More so, the Binance Coin remains perpetually in a downward movement and bulls may need more strong and consistent resistance to drag the price from the bearish movement to climb above the 9-day and 21-day moving averages.
However, with the current movement on the daily chart, if the price breaks below the lower boundary of the channel, it may likely hit the critical support levels at 6800 SAT and below. On the other hand, if the Binance coin price breaks above the 9-day and 21-day moving averages, BNB/BTC may likely hit the resistance level of 1100 SAT and above. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving below 45-level, suggesting more bearish signals for the coin or it may move sideways for a while.