Binance Coin (BNB) Price Analysis – April 10
For the past a month now, BNBUSD has been moving upward due to a strong buying pressure. As soon as price reaches the overbought area at $20, a short-term correction hits $17 on the trend line. BNBBTC, however, followed a bearish sentiment since March after touching 0.0036BTC.
Resistance levels: $20, $23, $25
Support levels: $17, $16, $15
Since March, Binance Coin has been respecting an ascending trend line (in yellow); gaining 100% from the rising level. After nearing $21 last week, BNBUSD pulled back to the close of $17 before a strong rejection to $18 forming a pin bar (bullish reversal candle); where the yellow line lies. The retracement move is actually revealed on the 4-hours RSI indicator; preparing for a north move. However, a bounce up could rally to the previous resistance level at $20 and above.
A break-down on the yellow line could slip the token to key support levels at $17, $16 and $15 respectively. If BNB accidentally falls, a medium-term bearish trend could be witnessed. Nevertheless, Binance Coin follows a bullish sentiment as the yellow line remains a defensive line for the buyers.
Binance Coin’s value has been dramatically low for the past two weeks as a result of selling pressure. Having reached an extremely oversold level of the 4-hours RSI in the last 24-hours of trading; a rally is pointing to the overbought zone. BNB is currently attempting a break-out of the bearish wedge, which may set the token on a bull-run. A significant climb above the trend line could throw price at 0.0038BTC resistance level and above.
In case, BNB faces a price rejection, the bearish rally may continue to a low at 0.0033BTC support and beyond. The 4-hours RSI could fall back into oversold condition. A break low on the said support is likely to create a new low at around 0.0029BTC. At the moment, BNBBTC is yet to record a new high after a successful breach at 0.0036BTC.
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