BNB Price Analysis – May 4
The Binance Coin has once again turned towards a bullish path and later breaks below the moving averages.
Resistance levels: $20, $21, $22
Support levels: $14, $13, $12
BNB/USD remained in a good uptrend after touching the key resistance zone of $17.61. The coin has shown a bumpy trend in the last one day when it started trading at $17.18 and then dipped as low as $16.10. The coin quickly picked up the pace above the 9-day and 21-day moving averages and now trading at $17.05.
Today, looking at the upside, the $20, $21 and $20 are significant resistance levels while on the downside, if the price experience a break below the lower boundary of the channel, it could cause a bearish wave and beneath this, further supports may be found at $14, $13 and $12 levels. Meanwhile, the RSI (14) moves in the same direction, suggesting the market might follow the sideways movement.
Against Bitcoin, the Binance Coin price is trading within the channel as the price actions keep moving below the 9-day and 21-day moving averages, Binance Coin will remain perpetually in a downward movement. Meanwhile, the buyers need more strong and consistent resistance to snatch the price from this bearish movement for the BNB market.
For now, with the current movement on the daily chart, if the price breaks below the channel, it may likely reach the critical support levels at 0.0017 BTC and below. In other words, if the market could break above the moving averages, the price of BNB may likely hit a resistance level of 0.0021 BTC and above as the RSI (14) focuses on the south.
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