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Binance Coin Might Have Finished Correcting: Here Is What It’s Targeting

2 mins
Updated by Kyle Baird
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The Binance Coin (BNB) price has been decreasing since June 24, 2019. If it manages to hold on above the current support area, the price is likely to make another attempt at moving towards $20.

Binance Coin Price Highlights

  • The BNB price has been correcting for nearly six months.
  • There is support at $16.50 and $14.50.
  • There is resistance at $18.50 and $22.
  • The RSI supports a price increase.
Altcoin trader @livercoin outlined a BNB price chart stating that he believes that the price will soon break out above the current resistance and reach $20. Will BNB be successful in doing so, or will the current rally fail?

Previous Upward Movement

The BNB price increased throughout the entire first half of 2019. However, the price reached a high of $43.15 on June 22 and has been decreasing since. The decrease continued until December 18, when the price reached the 0.786 Fib level — a very likely price level for a reversal. BNB has been increasing since. BNB Long-Term Looking closer at the increase, we can see that it was preceded by bullish divergence in the RSI. In addition, the RSI has moved above the 50 line — potentially indicating that a bullish market cycle has begun. BNB Reversal

Future Movement

The rally stopped once the Binance Coin price reached the $18.50 resistance area on January 15, 2020. Once there, the price attempted to break through until January 22 and created several long upper wicks. However, it ultimately failed to break out above. The price has been decreasing since and has reached the $16.50 support area, which also coincides with the 100-day MA. BNB Moving Averages If the BNB price reverses here and continues to increase, it could move towards the closest resistance areas at $18.50 and $21.50, respectively. Conversely, a breakdown would take the price towards support at $14.50. BNB Resistance Areas In the short-term, the Binance Coin price is trading inside a descending channel. While there is some short-term divergence in the RSI, it is not sufficient in predicting a price reversal. BNB Descending Channel To conclude, the BNB price has been decreasing since June 24, 2019. The price is currently in an area that is likely to provide a reversal, which could take the price above $20. Our outlook for BNB is neutral but leaning on bullish.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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