BNB Bounces And Reclaims Long-Term Support

BNB Bounces And Reclaims Long-Term Support
фото показано с : beincrypto.com

2021-6-2 22:40

Binance Coin (BNB) has been moving upwards since May 23 and has reclaimed the $330 support area.

While the token is expected to increase towards $450, the direction of the longer-term trend is not clear.

BNB reclaims support

On May 10, BNB reached an all-time high price of $691.77. However, it fell sharply immediately afterward. The downward movement culminated with a low of $211.70, reached on May 23. 

The ensuing bounce caused the token to reclaim the $330 area. This is a bullish development that if sustained could lead to an upward movement. 

In addition, the MACD is moving upwards and has given a bullish reversal signal. The RSI is below 50 and the Stochastic oscillator has yet to make a bullish cross. Despite this, both are moving upwards.

The next closest resistance area is found at $452. It is possible that BNB will consolidate between these levels before deciding the direction of its next movement.

Chart By TradingView

Cryptocurrency trader @TheEurosniper outlined a BNB chart, stating that another decrease towards the range low would present a good entry point. Since the tweet, the token has created a lower high inside the area and began to move upwards.

Source: Twitter Short-term movement

The shorter-term six-hour chart supports the possibility of an upward movement towards resistance. 

Even if the increase is only an A-B-C corrective structure, BNB would be expected to reach $450.

There is a confluence of resistance levels found between $452-$457. This is the 1:1 A: C ratio and the 0.5 Fib retracement level of the previous decrease.

Both the MACD & RSI support this upward movement.

Chart By TradingView BNB/BTC

Right after reaching its all-time high price on May 12, BNB/BTC broke down from an ascending wedge. It is possible that this was an ending diagonal. 

The ensuing decrease looks impulsive, supporting this possibility.

In this case, the token is likely to get rejected near inside the 0.5-0.618 Fib retracement resistance are and resume its downward movement.

Chart By TradingView

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

The post BNB Bounces And Reclaims Long-Term Support appeared first on BeInCrypto.

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Binance Coin (BNB) на Currencies.ru

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bnb support reclaims bounces long-term 330 area

Источник: beincrypto.com

bnb support → Результатов: 126


Фото:

Binance Coin Attempts to Reclaim Its Lost Support

The Binance Coin (BNB) price has been decreasing at an accelerated rate since May 5. This decrease has caused the price to break down from the support line of its long-term range. While a decrease from such a long-term support level often indicates that the price will continue going down, BNB has been showing signs […] The post Binance Coin Attempts to Reclaim Its Lost Support appeared first on BeInCrypto.

2020-5-13 23:15


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