Binance Coin (BNB) Price Analysis – May 13
BNB Price Falls as The Bulls Manage To Retest Previous Resistance
Published on Monday May 13, 2019
BNB/USD Medium-term Trend: Bearish
Supply levels: $25.5, $27
Demand levels: $21, $19
After reaching the peak of $25.5 in April, Binance Coin started to decline following a descending broadening wedge pattern. Currently, BNB is testing the wedge resistance as price may bounce low. The next key demand levels for a bearish move are $21 and $19. Meanwhile, the 4-hours Stochastic RSI lies at the overbought zone; signaling a sell. If price break-up the wedge resistance, the token could surge to $25.5 and $27 levels; resuming the market on a bullish move. As of now, the BNB market is bearish on a medium-term trend. The 4-hours RSI is shooting up; nearing the overbought area.
BNB/USD Short-term Trend: Bullish
Binance Coin followed a bullish sentiment on the short-term outlook. After a double-bottom pattern, the BNB price rose to a current high of $24.5 level. In a short time, a bounce down is expected to $22 support level, respecting the trend line. If the price further drops below the mentioned level, the market may be supported at $21 and beyond. As shown on the 4-hours Stochastic RSI, the buyers are gathering momentum. Buying pressure is likely to meet the last high. Similarly, the 4-hours RSI has been waving upward; revealing the three days positive zone. However, the price actions may continue to follow the rising channel until a price break occurs.