Binance Coin Rebounds above $0.22 to Regain Bullish Momentum

Sep 27, 2020 at 12:50 // News
Coin Idol
BNB is now facing resistance at the recent high

Binance Coin is trading at $26 at the time of writing. The coin has a breakdown to the low of $22.

The recent rebound above $22 support made the coin to escape the downtrend zone. BNB is now facing resistance at the recent high. The upside momentum would have resumed if buyers successfully pushed BNB above the $26 high.

At the same time, the current resistance is breached. On the downside, if the current retracement breaks below the EMAs, the downtrend will resume. Conversely, if price finds support above the EMAs, the current upward move will continue. In the meantime, the coin is in the bullish trend zone.

Binance Coin Indicator Reading 

BNB can continue the upward move as price bars are above the EMAs. The EMAs are sloping upward indicating the uptrend. The coin was earlier in the oversold region above 25% of the daily stochastic. It indicates that buyers are likely to emerge to push prices upward.

BNB - Coinidol.png

Key Resistance Zones: $23, $24, $25

Key Support Zones: $15, $14, $13  

What Is the Next Direction for BNB/USD?

Binance coin is currently trading in the bullish trend above $0.26 high. A downward move below $0.22 is likely. The Fibonacci tool analysis will hold if the coin breaks below the $0.22 support. On September 21 downtrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that BNB will fall to the 1.272 extension or $19.03 low.

BNB - Coinidol 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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