Key Highlights
- The $24 demand zone is a critical support zone, but the market fails to rebound
- If the market continues its downtrend, the price will drop below the current price zone
- BNB price is struggling to hold at the $22 demand zone
Binance Coin(BNB) Current Statistics
The current price: $22
Market Capitalization: $3,434,551,062
Trading Volume: $183,536,996
Major supply zones: $36, $40, $44
Major demand zones: $20, $16, $12
Binance Coin (BNB) Price Analysis August 31, 2019
The BNB price has finally broken the $24 demand zone, and it is continuing its downward fall. The $24 demand zone is a critical support zone where price has been holding for some sometimes. The market has earlier consolidated at this zone before making an upward movement. This makes the demand zone a strong support zone. BNB price is likely to hold if price respects the previous price zone.
On July 17 and 30, the market respected the historical price zone and made an upward move. The crypto’s price tested the $32 supply zone on three occasions before the market fell to the low of $22 demand zone. If the $22 demand zone holds, buyers are likely to emerge to propel price to retest the previous highs. On the other hand, if the $22 demand zone is breached, the market will further depreciate.
The coin is in the oversold region of the daily Relative Strength Index (RSI) period 14 levels 25. This indicates that the coin’s market is in the oversold state right now, suggesting bulls to gain control of its price soon. The moving averages are sloping southward indicating that price is in a bearish move.
Besides, if the market breaks and closes above the upper trend line, Binance Coin (BNB) will more likely rise. Nevertheless, the lower trend line has been breached, and the candlestick is closed below it; therefore, the market continues its downward fall.
Conclusion
BNB/USD pair is likely to rise if the bulls defend the $22 demand zone. In other words, if the bulls break the $30 supply zone, the coin may resume its upward move and retest the previous highs. However, our analysis will be invalidated if the bears break the $22 demand zone, and Binance Coin (BNB)’s price falls to the low of either $18 or $20 demand zone.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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