BNB Price Analysis – May 31
In case the coin experiences a break above the higher boundary of the channel ($19 price level); it could cause a bullish wave and above.
Resistance levels: $19, $21, $23
Support levels: $13, $12, $10
BNB/USD is range-bound within the resistance level of $19 and support level of $13. The coin entered a ranging movement after it tested the $19 price level, the buyers lose momentum and the sellers pushed down the price to retest the support level of $13. The bears were unable to break down the level due to weak momentum. The coin may continue trading within these levels until there is a bullish or bearish breakout.
The 9-day Moving Averages remain interlocked with the 21-day MA and the price is hovering over the two EMAs, which connotes that consolidation is in progress. In case the coin experiences a break above the higher boundary of the channel ($19 price level), it could cause a bullish wave, and above this, further resistances could be found at $21 and $23 level. On the other hand, should the sellers prevail, the $13, $12, $10 are significant support levels. However, the technical indicator RSI (14) is at 60 levels pointing up, suggesting more bullish signals.
BNB vs Bitcoin, the cryptocurrency is breaking out of the descending triangle formed. The coin is trading up to higher above the 9-day moving average and 21-day moving average. The short-term moving average is making a bullish cross.
Higher resistance lies at 0.00200 BTC in case the buyers maintain their momentum above 0.00184 BTC. Should the bears interrupt the bullish movement, the price may pull back to the nearest level of support at 0.00165 BTC and below. Nevertheless, the RSI (14) is moving above 50 levels with the signal line pointing up, which shows that buyers may dominate the market.
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