Binance Coin Stuck Below $18 Overhead Resistance, Uptrend Likely
Jun 07, 2020 at 10:40 //
News
Binance Coin's upward move is facing serious contention at the $18 overhead resistance. The bears have been providing stiff resistance at $18 high.
The recent attempt by buyers to push price above the resistance was repelled as the crypto plunged to$16.50 low. This was immediately corrected as price moved up below the resistance.
The same market situation has happened in April but buyers were on hand to correct upward. Possibilities are there for BNB upward move. Presently, BNB is trading above $17.50 and below the resistance. A breakout above $18 will propel price to rally above $20 and the momentum will continue to another resistance at $22.
Binance Coin Indicator Reading
The price bars are carefully above the 12-day and 26-day EMAs which indicates that the crypto is rising. In situations where price bars are below the EMAs, the downward movement of prices is expected. BNB is above 50% range of the daily stochastic but the bands are horizontally flat. This indicates that the market is consolidating.
Key Resistance Zones: $24, $26, $28
Key Support Zones: $12, $8, $4
What Is the Next Move for Binance Coin (BNB)?
Since April 29, buyers have been struggling to break above $18 overhead resistance. Presently, the coin is in a sideways move below the resistance. A strong bounce above $17.50 is sufficient to propel price above the resistance. At the same time, buyers are to sustain the upward move.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow