BNB Price Analysis – May 18
The Binance Coin (BNB) starts forming higher as the bears may lose grip over the coin soon.
Resistance levels: $19, $21, $23
Support levels: $14, $12, $10
BNB/USD still remained in a good uptrend after crossing the 9-day and 21-day moving averages. BNB price has exceeded the level of $15 and it is currently consolidating the gains. The coin has shown a bumpy trend in the last few days when dipped at $13.6. The coin quickly picked up the pace above the 9-day MA, then surged as high as $17.2 before dipping back to $16.5.
Today, looking at the upside, the $19, $21 and $23 levels 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 could be found at $14, $12 and $10 levels. Binance Coin (BNB) is maintaining the uptrend on the technical indicator RSI (14), suggesting more bullish signals.
Compared with Bitcoin, the Binance coin price is trying to move up higher as it is making an attempt to trade above the 9-day moving average and within a major support area at 0.00175 BTC. The long-term moving average may likely make a bullish cross but currently, the market is starting a new trend.
From above, if the buyers could push the price above 0.00175 BTC, higher resistance lies at 0.00195 BTC and above. Moreover, should the bulls fail to move it above the aforementioned levels, then, the nearest level of support toward the downside lies at 0.00145 BTC and below as the RSI (14) is moving out of the oversold zone, which shows that buyers may soon come into play.
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