BNB Likely to Test Support at $290 as Tamadoge Goes Northward

The Binance Coin price prediction still maintains sideways movement but is yet to break above the 9-day and 21-day moving averages.

Binance Coin Prediction Statistics Data:

  • Binance Coin price now – $299
  • Binance Coin market cap – $48.2 billion
  • Binance Coin circulating supply – 161.3 million
  • Binance Coin total supply – 161.3 million
  • Binance Coin Coinmarketcap ranking – #5

BNB/USD Market

Key Levels:

Resistance levels: $350, $370, $390

Support levels: $260, $240, $220

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BNB/USD begins the day with a bullish movement by touching the resistance level of $300, after which it retreats to the low of $294.5 support. However, the coin is trading averagely around the 9-day moving average as the current market situation isn’t impressive at the moment.

BNB May Decline Heavily But Tamadoge Trades Bullishly

According to the daily chart, the $350, $370, and $390 are significant resistance levels if the bulls push the Binance price above the 9-day and 21-day moving averages. On the downside, if the price experiences a break below the lower boundary of the channel, it could cause a bearish wave, and beneath this, further supports could be found at $260, $240, and $220. The technical indicator Relative Strength Index (14) is likely to cross below 50-level, which could suggest a price drop.

Against Bitcoin, BNB is looking to retest the support at 1360 SAT as the coin moves to cross below the 9-day and 21-day moving averages. However, the Binance coin price has been moving sideways for the past few weeks and looking at it from above, the nearest resistance level lies at 1400 SAT. Above this, higher resistance could be located at 1600 SAT and above.

BNBBTC – Daily Chart

From below; the nearest level of support could be found below the moving averages at 1300 SAT. Beneath this, the coin may slide towards the lower boundary of the channel as the critical support could be located at 1200 SAT and below. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below the 60-level, which shows that the coin may move downward. On the other hand, traders may need to see BNB/BTC rise and break above the upper boundary of the channel.

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