BNB Technical Analysis – September 2021
Monthly Analysis
Over the last 30 days, BNB increased by more than 30%. This rise was then followed by a dip of 25%. Nevertheless, BNB has been attempting to correct. The recent decade might have been a result of a double top forming for Binance Coin.
Weekly Analysis
In the weekly chart, we can notice a potential ascending triangle pattern forming. Such patterns usually result in a bullish breakout. Whether that can be the case for BNB depends on resistance at $439, which BNB has failed to break twice in the last 7 days.
Daily Analysis
In an intraday chart, BNB has been quite volatile. In the coming hours, we might see BNB keep increasing. The short-term price is bullish for Binance Coin.
Key Structures
Support
- $368
Resistance
- $439
Indicators
Moving Average
The 20-day moving average has now moved above the price due to the recent retracement. This might indicate that the trend might have reversed and that this MA line can act as resistance in the coming days.
The 9-day EMA temporarily went over the price due to the recent decrease. Nonetheless, now it is below the price again and can act as support for BNB in the coming days.
Relative Strength Index
The RSI of the daily chart suggests that BNB is neither bullish nor bearish since it is around 50. This recent retracement of BNB has given it space for growth for the coming days.
MACD
The MACD line has been below the signal line in recent days, and it has gone below the baseline, indicating that the momentum is bearish. However, the MACD is now heading toward the signal line once again, and if it passes it, then we might see the momentum shift again.
Fear & Greed
The fear and greed indicator suggests that the current emotion is neutral. After traders being fearful due to the recent decline, they became greedy as the price started increasing again. Nonetheless, the emotion overall remains neutral.
Fibonacci
The Fibonacci retracement levels suggest that the price of BNB has recently penetrated the natural support at 38.2%. However, 61.8% remains untouched, and it may be a good level of support for the longer term.
Price Prediction BNB – September 2021
Based on this technical analysis, if Binance Coin finds support at $368 and breaks upwards, we might see BNB aim for $580 in the longer run, other things equal. However, if BNB fails to break resistance and support is broken, then weight see BNB go close to $330.
Latest News for BNB – Affecting Price
The Binance exchange has been trying to resolve regulatory issues for quite some time now. To further collaborate with the procedures and requirements, Binance is focusing on having a centralized entity rather than decentralized headquarters. Binance Coin is heavily affected by the outcomes of whatever happens with Binance exchange. Such regulatory issues are one of the reasons why some investors have decided to not invest at large amounts on BNB.
Also read: Binance Coin Price Prediction 2021 and Beyond – Will the BNB Price Surge Upwards?