Binance Coin (BNB) Price Analysis – May 9
For the past three weeks, the BNB market has been following a bullish sentiment after posting the all-time high at around 0.0048BTC, against Bitcoin. Today, the actual bearish move was revealed against Dollar market as the token witnessed a sudden break-low making these pairs a correlating one. Both markets now follow the same direction.
Resistance levels: $21, $24
Support levels: $17, $15
BNB/USD market has now chosen a bearish trend after breaking the channel support earlier today with a sudden bearish surge which currently sits at $19 level. The possible support for the bear is the April low level of $17 which would be touched in no time.
Before landing on the above support, the crypto-asset needs to retest the surge level at $21 for a bearish continuation. As such, the market is now trading below the zero level of the 4-hours MACD; revealing a bear-run in the market.
At the moment, BNB is following a bearish sentiment. The heavy drop is indicated on the 4-hours RSI as it reaches the oversold condition. Touching the potential support, a bounce or break could occur.
Today, BNB fell from the descending channel after a massive sell-off which has continued to position the market in a bearish scenario. As a result of this, the sellers are gaining control of the market. We may experience more bleeding if the selling pressure continues.
However, the bear may be provided with potential support at 0.0028BTC and 0.0026 levels. On the 4-hours MACD, the BNB price has dropped below the zero level in the bearish zone. Before the next rally, the market may retest 0.0034 resistance level.
The 4-hours RSI is now significantly trending below in the oversold territory due to the current bear pressure. With the current market condition, BNB/BTC market remains in a bearish.
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