BNB Price Analysis – May 2
Binance Coin (BNB) price may find a halt at $600 as the price is down by 0.20% over the last 24 hours.
BNB/USD Market
Key Levels:
Resistance levels: $750, $800, $850
Support levels: $500, $450, $400
BNB/USD price continues to drop further lower for the second day until it finds support at the $593 level. However, the daily chart reveals that BNB/USD even spiked lower towards the 9-day and 21-day moving averages before moving back to $619.66 where it is currently trading. Therefore, if the bears continue to push the market further lower, the immediate support below the $535 level may be located. Beneath this, further supports may be found at $500, $450, and $400.
Where is BNB Price Going Next?
As the daily chart reveals, if the buyers can hold the support at $600 and the price begins to climb higher, bulls may expect immediate resistance to be located at $700 which is further close to the upper boundary of the channel. However, crossing above the channel could locate the higher resistance levels at $750, $800, and $850. Meanwhile, the technical indicator RSI (14) is moving around 66-level, which shows that the market may begin sideways movement.
BNB/BTC Market: Bulls Keep the Movement Intact
Against Bitcoin, the price is moving within the channel and in as much as the price actions keep respecting the channel formation, Binance Coin will remain perpetually under the control of bull. Meanwhile, traders need more strong and consistent resistance to keep the price from the bear-run for the BNB market.
However, with the current movement in the chart, if the price continues to move above the 9-day and 21-day moving averages, it may likely reach the potential resistance levels at 0.012 BTC and above. In other words, if the market price slides below the moving averages, it may likely hit the critical supports at 0.009 BTC and below as the technical indicator, RSI (14) remains below the 70-level.
