Binance Coin (BNB) Price Analysis – June 7
Ranked 7th, Binance Coin has witnessed a decrease in price in the last couple of hours, against the Bitcoin market. Against Dollar, the token has shown some positive moves in the past two days of trading. However, the volatility in the crypto market has brought these pairs in an opposite move.
Resistance levels: $34, $36
Support levels: $30, $28.6
BNB token has continued to decline in a descending channel as it now tests the upper channel, where a drop is likely to occur. At the moment, the cryptocurrency is trading around the $31.5. The bulls have sustained the market on two days positive move which seems weak as the token may sell to $30 and $28.6.
Either way, a bullish breakout may throw the BNB market at key resistance levels at $34 and $36, revisiting the yearly high. The two days green market was quite significant on the 4-hours RSI indicator as it now trends in the bullish area. The 4-hours Stochastic RSI revealed the market at the overbought territory. Binance Coin, however, remains in a medium-term downtrend for now.
Against the Bitcoin market, The last 24-hours has been an ugly scenario for Binance Coin as the token saw a slight price drop to around 0.00395BTC as of the time of writing; signaling low trading volatility in the market as bears assume control of the market. The 0.0038BTC is close-by support for the sellers. Beneath this support lies a further level at 0.0036BTC, where the lower wedge lies.
If the market follows a bullish surge, BNB may swing high to 0.0042BTCand 0.0044BTC levels. Below the wedge lies 0.0034BTC and 0.0032 as well. On the Stochastic RSI, the token is currently oversold. The RSI is now facing the 50 level, a sign of the recent price drop.
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