BNB Trades under Pressure while Tamadoge Bounces to the Upside

Blockchain Crypto Market Cryptocurrency
August 16, 2022 by CoinSurges
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BNB trades below the 9-day moving average as BNB is facing $300 support to gain momentum to overcome the resistance level of $350 Binance Coin





BNB trades below the 9-day moving average as BNB is facing $300 support to gain momentum to overcome the resistance level of $350.

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Binance Coin Prediction Statistics Data:

  • Binance Coin price now – $315
  • Binance Coin market cap – $50.9 billion
  • Binance Coin circulating supply – 161.3 million
  • Binance Coin total supply – 161.3 million
  • Binance Coin Coinmarketcap ranking – #5

BNB/USD Market

Key Levels:

Resistance levels: $420, $440, $460

Support levels: $230, $210, $190

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BNB/USD is facing the downside as the coin heads to cross below the 21-day moving average. During the European session today, the Binance Coin touches the resistance level of $322 with the generally bullish market, but at the time of writing, the coin is retreating below the opening price of $319.5.

Would BNB Price Move to the Upside as Tamadoge (TAMA) Do?

BNB trades at $315.8 aiming to cross below the 21-day moving average in the daily chart. At the time of writing, the drop is likely to be slight as the technical indicator Relative Strength Index (14) moves to cross below the 60-level. The nearest support at $300 is likely to hold despite the strong arm of the bears, while sideways trading could also take precedence based on the technical indicator.

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However, for the coin to come out of the resistance range under $320, BNB/USD must pull toward $350 and focus on taking down higher hurdles at $420, $440, and $460. Nevertheless, if the bullish failed to push the coin to the upside and $300 support comes to focus, expect more support at $250 towards the lower boundary of the channel, and any further support levels could be located at $230, $210, and $190.

Against Bitcoin, the Binance Coin is currently within the 9-day and 21-day moving averages. On the contrary, if the coin slides below the 21-day moving average, the 1200 SAT and below could provide a support level for the next selling pressure, but the Relative Strength Index (14) remains below the 60-level.

BNBBTC – Daily Chart

Meanwhile, after touching the daily high of 1333 SAT today, BNB/BTC price drops to where it is currently trading at 1321 SAT. However, if the support level of 1320 SAT can act as a solid line of defense against any further downtrend; the resistance level of 1500 SAT and above may come into focus.

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