The latest binance coin price analysis shows that the cryptocurrency has yet to see relief as the bears started the price action to create a third lower low as we are about to learn more in the coming altcoin news below.
The current market prices are now testing the key support line at $18.9 and will only determine now whether the price levels will drop further. On the 1-hour charts for BNB/USD we can see that the price action has created the third lower low and the levels are still going down as mentioned in the previous analysis. The Binance coin formed a falling wedge which is more visible on the daily charts and it is likely that the price levels will not break below the descending support where the current market price is testing. The RSI indicator appears to be coiling as the levels bounced between the oversold and overbought territory.
The short-term bounce off the $18.9 is expected to happen now over the next few days which will propel the price levels back up into the falling wedge trading range. There will need to be a clear influx of more selling volumes so the price levels will have to break below the .
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9 which is highly unlikely. The 200 EMA is very far from the current market price and will act as a magnet which will lead the price action to bounce from that support level. It is expected that the Binance coin price analysis will show a slight bounce here and will continue to push the range between $19 and $22 over the next few weeks.
On the 1-day chart for BNB/USD, we can also see a stemming down from the yearly high at $43 to the current $18. The coin has lost more than 50 percent of its value over the past months. This is nothing to worry about since many traders anticipated such a pull-back in order to sustain the growth. Both the 50 MA and 200 EMA will soon cross down signaling the bearish MA cross but if the prices bounce off the wedge from the current support, the moving averages might not cross down.
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As per the latest cryptocurrency news analysis, if the price level breaks below $18.9 the next support is standing at $13.
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