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Ahead the markets lie a tough resistance level for the bull. BNB markets are now waiting for the next shock wave. Could this be a refueling stage?
Resistance levels: $12, $13, $14;
Support levels: $10, $9, $8;
Since December 2018, the movement of BNB has been in an uptrend. But trailing recent momentum, it’s quite significantly higher than before at a slow pace. The monthly opening was around $6 compared to the current price at $10, gaining about 87%. By CoinMarketCap, the 24 hours trading volume is estimated at $135 million with about $1.5 billion market cap.
Following the structural outlook, the candles formations are respecting the diagonal trend line (marked yellow). Crossing down the yellow line might position price in a decline. The closest support level is $10. A north wave might see a high of $12 and beyond.
Now, the four hours RSI swings at the overbought region. It indicates buying pressure might soon be exhausted. Also, the Stochastic signaled a pullback; a southward move is suggested to the base of the trend line.
Viewing the market structure, Binance Coin is climbing higher. The momentum revealed an increasing volume which is currently positioning trade in an incline. If demand remains heavy, the bull won’t hesitate to push pressure higher. But the Stochastic is already lying on the overbought line. The buying pressure is nearing an end.
In a diagonal move, the trend line (marked yellow) serves as a support level which has been quite tested thrice. As the RSI lies close to the 80 line facing down, its direction signaled a fall. The Key support levels for the potential drop are 260000 SAT and 250000 SAT.
Breaking the yellow line would send price straight to 230000 SAT support and beyond. A bounce up would probably revisit 260000 SAT resistance. As it is now, a heavy decline should be expected shortly.
Binance Coin Hit All-Time High
According to Coinmarketcap, Binance Coin (BNB) today hit the all-time high in BNBBTC markets by reaching a BNB price of 0,00284048 BTC for one BNB coin. The previous high was recorded in July 2018. The Binance Coin price back then was 0,00263523 BTC for one BNB coin.