Binance Coin (BNB) Price Analysis – April 23
For the past twelve days, Binance Coin has been following a bullish sentiment and it appeared the bulls are still gathering momentum for the next price level after creating a new all-time high around $25.8. If the bulls fail to sustain momentum upward, the bears may gain control of the market.
Resistance levels: $25.5, $28
Support levels: $22, $20.7
After a bearish correction earlier this month, BNB continued the bullish scenario as price breaks the last high at $20.7 before printing a new all-time high at $25.8. Since then, the price action has remained below the above price level.
BNB is slowly heading towards $22 support level. From there, the token may resume a bullish rally to $25.5 resistance and above.
However, surpassing the mentioned support could sink price to the last break level at $20.7 support and beyond.
In a convergence move, the 4-hours RSI currently appeared on a side-way move after leaving the overbought zone.
Meanwhile, the 4-hours Stochastic RSI is significantly lying at the oversold territory with a slight sign of a bullish crossover. For now, BNB/USD follows an ascending broadening wedge.
April 6 has marked a significant moment for BNB after reversing from a low of 0.0033 BTC. Now, the token is trending in an ascending broadening wedge; posting a monthly high at 0.0048 BTC.
A new higher low is building towards 0.004 BTC support; testing the lower trend line.
Reaching the above support level, a bounce up is likely to visit a potential resistance level at 0.0046 BTC; possibly creating new higher high around 0.005 BTC.
However, a break-through 0.004 BTC support could slip price to April 11 low at 0.0034 BTC.
The bigger picture is revealed on the 4-hour RSI with current bearish retracement aiming at the oversold territory.
On the 4-hours Stochastic RSI, BNBBTC market is convincingly trending at the lowest level.
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