Binance Coin has had a pretty stagnant week as the price barely increased by 2%. The cryptocurrency is currently trading at resistance provided by the 100-day EMA but has failed to overcome this level. However, the market remains supported by a rising trend line as we wait to see if the BNB price will break beneath it.
Binance Coin remains the sixth-largest cryptocurrency by market value with a market cap of $4.28 billion. The cryptocurrency has seen a 16% price decline over the past 30 days while BNB/BTC has created fresh 6-month lows.
Looking at the BNB/USD 1-day chart:
- Since our previous BNB analysis, the resistance at the 100-day EMA has prevented the market from going higher while the rising support line has continued to hold.
- From above: The nearest level of resistance lies at $28, provided by the 100-day EMA. Above this, higher resistance can be found at $29.22, $30, $31.49, and $32.45. If the bulls manage to bring BNB above $35, higher resistance is located at $36.28, $38, $38.53, and $40.
- From below: If the sellers push the market beneath the rising support line, immediate support toward the downside is located at $26.44 and $25.18. If the selling continues beneath $25, strong support is expected at $24.06 which is further bolstered by the 200-day EMA. Beneath this, support is found at $22.85, $21.94, and $20.92.
- The trading volume has been falling during the first few days of August.
- The RSI attempted to break above 50 but failed to do so, so the bulls remain in control of the market.
Looking at the BNB/BTC 1-day chart:
- Trading against Bitcoin, BNB has been struggling. Since August 1, it has declined by around 15% to 0.002353 BTC after dropping through support at 0.0027 BTC and 0.002655 BTC.
- From above: The nearest level of resistance lies at 0.002492 BTC. Above this, higher resistance is found at 0.0026 BTC, 0.002655 BTC, and 0.002756 BTC. If the bulls can continue to climb higher, we expect resistance at 0.003 BTC, 0.003111 BTC, and 0.00032 BTC.
- From below: The nearest level of support now lies at 0.002265 BTC. If the sellers push beneath it, the next levels of support are 0.0022 BTC, 0.00215 BTC, and 0.0021 BTC. If the selling continues beneath 0.002 BTC we can expect support at 0.0018 BTC, 0.001764 BTC, and 0.001662 BTC.
- The trading volume remains well below average.
- The RSI has plummeted to extreme oversold conditions, which could be a promising sign as it suggests the sellers are exhausted. Furthermore, the Stochastic RSI is in oversold territory as we wait for a bullish crossover signal.
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