Binance Coin (BNB) Price Analysis – May 2
While testing 0.004BTC support level on the 200-day MA, BNBBTC market is deciding on the next move. BNBUSD, on the other hand, is significantly trading above the 200-day MA as it approaches a near-by support level. However, a break low may set send Binance Coin in bearish territory.
Resistance levels: $25.8, $28
Support levels: $21, $19
Following the upward movement, the seventh largest cryptocurrency has been respecting the blue 200-day moving average for a long time. Before touching $25.8 in April, BNB tested the blue line with an immediate bounce up which has continued to level up the price in a bullish condition.
Slowly, the bears are heading towards the $21, where the blue line lies. A bounce up is expected to fuel the token to the previous resistance of $25.8. A climb above this support may set a new price level for BNB. Below the 200-day MA lies $19 which may concurrently slip to $16.5 support.
As revealed on the 4-hours Stochastic RSI, the market is currently at the 50 level. The 4-hours RSI has been on a side-way trend since yesterday, slightly below the level. Undoubtedly, we can say Binance Coin followed a bullish scenario.
Looking at the market structure, BNB still remained in an uptrend. Reaching 0.0048BTC high, the price dropped to 0.004BTC and bounced up before bottoming on the blue 200-day moving average – a solid support level. This revealed a medium-term retracement which could probably continue downward or resume upward.
The bigger picture is revealed on the 4-hours RSI as its 40 level hold the bears on a tough support level after a retest. A break below the aforementioned RSI level could sink the token to the oversold territory; testing 0.00374BTC and 0.0033BTC support level.
Observing the 4-hours Stochastic RSI, a bullish move is suggested with a potential resistance at the 0.0044BTC level. If this resistance is surpassed, the 0.0046BTC and 0.0048BTC are the next price level for the buyers. At the moment, BNBBTC market remained in the bullish territory.
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