Binance Coin (BNB) Price Analysis – May 22
The performance of the BNB token has been very impressive in the past months, following the significant positive rally which has been surging the crypto-asset to a fresh level after a series of healthy retracement. Tagging a fresh price at $32.8 yesterday, Binance Coin has continued to pace up price.
Resistance levels: $34, $35
Support levels: $28, $24
The three weeks retracement move has eventually turned impulsive after breaking above the $26, the previous all-time high. Yesterday, Binance Coin has printed another ATH at $32.8 on a higher high move. BNB is currently in the middle of a consolidation, preparing for the next move.
From the oversold condition of the RSI, the token began to witness a price increase, crossed over to the bullish territory as the trading remains in the positive zone. The market may retest the $30 before swinging high which is likely at around the $34 – $35 area.
The Stochastic RSI, however, suggested that sellers are gaining momentum as it faces the oversold level. Below the channel lies the $28 and $24 support.
Against the Bitcoin, BNB token has followed a northward direction after creating a low at the 0.0028BTC on May 12. The market is now trending within channel boundaries. On a slow move, the bulls are gaining momentum. The next buying target lies ahead at the 0.004BTC resistance.
The bullish reversal trend is notable on the medium-term RSI, rising from the oversold territory to the overbought zone. Standing solidly above 50 level, BNB market is reflecting the positive position of the market as the buyers continue to push price higher.
The major support is located below the channel around the 0.0036BTC. Meanwhile, the lower channel lies for a slight price drop. Currently, the Stochastic RSI is revealed downward. The 0.0038BTC may be tested.
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