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Binance Coin Price Prediction: BNB/USD Settles for Consolidation at $482

Published on

October 26, 2021

Binance Coin Price Prediction – October 26

The Binance Coin price may extend the market movement below the $450 support if the price fails to hold within the channel.

BNB/USD Market

Key Levels:
Resistance levels: $550, $570, $590
Support levels: $400, $380, $360

BNB/USD is currently showing an uneven movement as the coin has not been able to sustain a steady uptrend since. However, for the past few days, the Binance Coin price has formed a pattern where the day could begin either with an up or down trend but the coin reverses towards the end of the day.

Binance Coin Price Prediction: Binance Coin (BNB) May Consolidates Below $485

The Binance Coin price may continue to consolidate as the coin is waiting for a cross below the 21-day moving average. More so, the daily breakdown reveals that the BNB price could drop below the 21-day moving average, after which it could correct itself to trade above the 9-day moving average. Meanwhile, if the support level of $474 gets weak, a price break-down may occur as the bears may find new lows at $400, $380, and $360 support levels.

However, a bullish movement may likely push the market price towards the resistance levels of $550, $570, and $590. For now, the technical indicator Relative Strength Index (14) is moving in the same direction below 60-level. Meanwhile, the Binance coin is preparing for a new trend as the RSI (14) may break or bounce within the channel.

Compares to Bitcoin, Binance Coin continues to perform very poorly due to a recurring bearish sentiment leading to a drastic drop in the market. However, when the BNB price drops, sellers may pose an additional threat to buyers, meanwhile, any breakout below the 9-day and 21-day moving averages can cause the coin to collapse.

However, for a positive upsurge, 8500 SAT and above are the major resistance levels for the coin for now but a bearish continuation below the lower boundary of the channel could test the important support at 7000 SAT and below. More so, the trading volume may come up slowly as the technical indicator Relative Strength Index (14) moves above 45-level, keeping the price on the positive side.

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 : October 26, 2021

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