Binance Coin is down by about 25% from highs that were reached back at the beginning of November, which is not surprising as the whole crypto market is moving lower. The world’s leading cryptocurrency, Bitcoin, is down by more than 30% from November highs.
As Binance is a cryptocurrency exchange, its coin will always be sensitive to the developments in crypto markets. When leading coins are under pressure, Binance Coin will also move lower. However, it looks that Binance Coin has managed to find support and is trying to rebound.
Daily Chart Technical Analysis
BNB received support near $515 and is currently trying to settle back above $530. RSI is in the moderate territory, and there is plenty of room to gain upside momentum in case the right catalysts emerge.
In case BNB manages to settle above $530, it will head towards the next resistance level which is located at $550. A move above the resistance at $550 will open the way to the test of the resistance at the 50 EMA near $565. In case BNB manages to settle above the resistance at the 50 EMA, it will move towards the next resistance level which is located at the 20 EMA near $575.
On the support side, BNB needs to settle below the support at $515 to continue its pullback. The pullback in mid-November was stopped near $515, so I’d expect significant interest from traders in case BNB gets to another test of the $515 level.
A move below the support at $515 will push BNB towards the next support at $490. In case BNB declines below $490, it will head towards the support at $460.
Taking a look at H1 chart, we can see that BNB is trying to develop upside momentum after a period of consolidation. BNB was stuck between the support at $515 and the resistance at $530, and it is currently trying to move out of this trading range.
Typically, a move out of the range provides an opportunity to gain additional momentum. In this light, BNB may quickly get to the test of the next resistance at $550 in case it manages to settle above the $530 level.
For a look at all of today’s economic events, check out our economic calendar.
Read More:Binance Coin (BNB) Tries To Rebound, Will It Move To $550?
