Binance Coin price analysis: BNB to move above $18.30

Binance Coin price is up by three percent in the last twenty-four (24) hours, while it continues to trade in a tight price range.

Binance Coin has been trading in an enclosed price range for the past three (3) days. We have both the moving averages (MA) running above the price at which Binance Coin has been trading.

BNB trade for fifteen dollars ($15.68) at the time of writing and the twenty-four (24) hour volume for Binance Coin sums up to be one hundred and seventeen million dollars ($117,857,755). The market cap share that Binance Coin has to its name is two billion dollars ($2,442,009,062).

Binance Coin price chart by TradingView

Binance Coin price aiming for $18.30

The bulls are hard at it trying to close a bottom at fourteen dollars ($14.2555) which will ensure that the price stays above the ten dollars ark for the time being. If the bulls manage to make it past the sixteen dollars mark ($16.50) then they won’t have to worry about any more obstacle before reaching the eighteen ($18.30) dollars resistance mark.

We also have the twenty (20) day exponential moving average working as a strong resistance marker, lying just above the eighteen dollars ($18.30) resistance mark. Above the EMA is the fifty (50) day simple moving average (SMA) at twenty-two dollars ($22.5848).

Binance Coin price chart by TradingView

The simple moving average and the exponential moving averages have their slopes tilted towards the bottom and that relative strength index (RSI) does not seem to favor the bulls any time soon with the numbers running into bearish territory.

If the bears manage to acquire the price movement rights for BNB from the bulls then Binance Coin will experience a fall below the fourteen dollars mark ($14.255). The descending channel’s support line will be the destination for BNB.

Currently, the sellers are at an advantage and a new buy setup needs to be devised based upon further price action.

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