BNB Price Analysis – May 16
Binance (BNB) has once again tried to turn towards a bullish path to break above the moving averages.
Resistance levels: $19, $20, $21
Support levels: $13, $12, $11
BNB/USD is trying to move above the 9-day and 21-day moving averages to continue its upward trend. The $15 support level is where the price has been holding for some time now. Yesterday, the market has touched a high of $16.9 before making a downward movement to the support level of $15.68. Technically, Binance Coin is likely to rise if the bulls defend the $15.0 support level, it may resume its upward movement by moving towards the trend line of the channel.
The further movement could push the price to the resistance levels of $19, $20 and $21. However, the analysis will be invalidated if the bears break the $15 support level, and the Binance Coin’s price may fall below the lower boundary of the channel to touch the support levels of $13, $12, and $11. Meanwhile, the RSI (14) moves above the 49-level; suggesting bullish signals for the market.
Against Bitcoin, the price of Binance Coin is seen following the downward trend within the descending channel, and in as much as the price actions keep respecting the channel formation; BNB coin may remain under the control of bear radar. More so the traders need more strong and consistent resistance to snatch the market price from the bear-run.
For now, with the current movement in the chart, if the price breaks below the channel, it may likely reach the nearest support levels at 0.0015 BTC and below. In other words, if the market could break above the 9-day and 21-day moving averages, the price of BNB may likely reach the resistance level of 0.0019 BTC and above as the RSI (14) is moving out of the oversold zone.
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