Binance Coin (BNB) Price Analysis – June 5
BNB Undergoes Medium-Term Correction In A Bearish Channel
Published on Wednesday June 5, 2019
BNB/USD Medium-term Trend: Bearish
Supply levels: $32, $34
Demand levels: $28, $26
After a long bullish sentiment, Binance Coin has eventually begun a medium-term retracement as the token currently trades at around the $30. For the past 10 days now, BNB market has been maintaining a descending channel pattern. The downward movement was revealed on both the RSI and the MACD indicators.
While consolidating, the next key support to watch out for lies at $28. Further support may be located at the $26. Should a bullish surge occurs, close support will be touched around the $32 before visiting $34 and above. By then, the technical indicators would switch to positive zones. For now, BNBUSD pair is currently in a bearish condition.
BNB/USD Short-term Trend: Bearish
BNB Price has been consistently dropping over the past week of trading, following a zigzag pattern within channel boundaries. Having tested $30.5 on a lower high move, the next lower low is expected at the $29 and $28.5. Otherwise, a further rise-up may hit $31.5 and $32.5 respecting the channel.
Currently, BNB trading has leveled up at the 50 horizons of the hourly RSI. If the trend rises above the 50 level, the bulls may walk into the market. In a correlating move, the hourly MACD reflected the potential bullish break. A successful breach up could set the market on a bull-run. As it stands now, Binance Coin follows a bearish scenario.