Binance Coin (BNB) Price Analysis – June 19
The past few days have been an interesting moment for traders as BNB saw a price increase due to the recent bullish dominance. We may see more rise if the buyers continue to increase the demand. However, a bearish signal may drop the market to the nearest support.
Resistance levels: $37, $39
Support levels: $32, $30
Trailing the May 27 decline which lasted to $28.5 before the market constructed an ascending wedge pattern. We can now see that Binance Coin has experienced a positive climb that took the price to $36.5 (the yearly ATH) before falling to around the $30 at the lower wedge. After rebounding, BNB is now close to the previous high as it currently trades around the $35.3.
The bullish scenario can be revealed on the 4-hours MACD. A continuous climb could push the market to $37 and $39, testing the upper wedge. On the other hand, a bearish move could slump the market to the bottom of $32 and $30 supports. The actual picture is revealed on the 4-hours Stochastic RSI.
Binance Coin has been following a descending wedge for the past three weeks, and as we can see on the chart, the market rebounded at the $0.0035BTC, where the lower wedge lies. More so, the rise has been significant over the past two days. The trading is now targeting 0.0041BTC and 0.0044BTC resistance.
The positive move has taken the market to the overbought area on the Stochastic RSI, which is likely to retrace back to 0.0036BTC before a proper bull-run. However, breaking the support could further lead the market to 0.0034BTCsupports. As indicated on the MACD, the BNB token is trading below the zero level, now about to see a bullish cross which might confirm a bull-run.
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