Binance Coin price analysis reveals a bullish trend above $25 cooking

In the previous week, Binance Coin price was rather fairly stable; however, the latest United States Traders restrictions from Binance caused the Binance Coin (BNB) to fall below two significant support levels.

The twenty dollars ($20) psychological support level, and a little over nineteen ($19.65) dollars EMA support level on Monthly chart.

However, the bearish trend did not last long and the bullish trend created a better rebound. The bearish trend prevailed for two hours and then bullish trend took over for another two hours.

Binance Coin price analysis: Short Term

The bulls were able to break over the twelve-day (12) EMA on the short term chart and currently it is in process of breaking the twenty-six Day EMA in a confirmed uptrend.

Likewise, the shortest term chart is expected to experience a steady uptrend with the bull cross of EMA’s. However, RSI has not been in the overbought area, meaning that bulls have still room for further growth.

binance-coin-price-chart-13-september-2019-1Binance coin price chart by Trading View

Binance Coin price analysis: Medium Term

Meanwhile, the medium-term chart created a nice bullish Hammer Candlestick for Binance Coin price that could experience continuation if the bulls maintain the momentum.

The chart continues to downtrend and the BNB is still trading under both the EMAs, however; RSI is nearing the oversold area, and that supports the bulls.

binance-coin-price-chart-13-september-2019-2Binance coin price chart by Trading View

It is worth noting that Binance is scheduling for open registration and deposits of their latest exchange in the U.S on 18th September. Trading is likely to be starting later.

Lastly, weekly charts continue the downtrend, and EMA’s are quite far at a little over twenty-four dollars ($24.68) and a little over twenty-six dollars ($26.54).

Contrarily, the monthly chart continues with the uptrend and bulls still seem to be showing strength even after defending the twelve-day EMA.

Leave a Comment