Binance Coin (BNB) Price Analysis And Forecast

[sirty143]

BINANCE COIN (BNB)

A bearish outlook is seen in the last 24hrs where a bearish regular divergence pattern is signaled simultaneously.

The moving averages are intertwining reflecting a sideways price movement. The digital asset began the day trading at $34.7549 (A), later on, traders pushed the price down and with the presence of a bearish accumulation pattern the price further dip to a low of $33.0075 (B).

The significant levels being placed at $33.44, as a support level (S) and $33.38, as resistance level (R), they were tested severally and further breached past resistance level. Buying pressure is observed at around 28th May from 0000h to 03:00 that was reflected by the RSI that is seen above 50 levels at that period of time.

A massive decline later followed due to strong selling pressure that placed the digital asset to its current price $33.3303.

A decrease in price may be due to the lack of confidence in BNB coin by investors, which is resulted in the recent incident when the Binance exchange was hacked.

FORECAST

The 21-day MA crossed over the 7 day MA during the last 3hours indicating a bearish signal. The RSI is also heading south thus reflecting further price decline.

New target should be set at $33.3158 and stop-loss to be set slightly below or above the target in case of a breakout or break down.

Source: ZyCrypto

[juv3ntus1]

Holding binance coin lotery now is over and is possible to be one of the reason for this dip,every time after the lotery is finish BNB price is going down.