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Binance Coin Price Prediction: BNB/USD Slumps Below $500 Level

Published on

August 24, 2021

Binance Coin Price Prediction – August 24

Today, the Binance coin price drops below the daily high of $506 but currently, there is no sign of improvement as traders may close the day with a great loss.

BNB/USD Market

Key Levels:
Resistance levels: $550, $570, $590
Support levels: $420, $400, $380

As reveals by the daily chart, BNB/USD is maintaining price momentum during the sharp decline. At the time of writing, the Binance coin price is bearish as it may continue to drop towards the 9-day moving average according to the current movement. Meanwhile, BNB/USD could lead to a sharp rise in prices because the technical indicator still lies within the overbought region but currently, the coin reflects a lower price.

Binance Coin Price Prediction: Can Binance Coin Price Move Higher?

The Binance Coin price is hovering below the upper boundary of the channel but if the price slumps below the 9-day moving average, a bearish continuation may roll the market down to the support levels of $420, $400, and $380 while a possible bullish surge may drive the market back to cross the upper boundary of the channel which may likely hit the nearest resistance at the $530 level.

Moreover, any additional bullish movement above the channel at $550, $570, and $590 may further provide resistance levels for the market. Meanwhile, the technical indicator which is the Relative Strength Index (14) is trying to move out of the overbought zone by crossing below 70-level. However, any attempt to drop below this level may cause the Binance coin price to remain in the bearish mode.

Again Bitcoin, the Binance Coin price is seen consolidating within the channel as the price stays above the 9-day and 21-day moving averages. However, the Binance Coin continues to range-bounds and bulls may need more strong and consistent resistance to push the coin above the upper boundary of the channel.

Furthermore, with the current movement on the daily chart, if the price breaks below the 9-day moving average, it may likely hit the critical support levels at 9000 SAT and below. On the contrary, if the Binance coin price breaks above the channel, BNB/BTC may likely revisit the resistance level of 1100 SAT and above. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving below 70-level, which indicates that more bearish signals may come into focus.

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 : August 24, 2021

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