Binance Coin (BNB) Price Analysis (May 16)


Key Highlights

• BNB/USD market recorded some small drops below a long-range trading zone of $16 mark.
• More price fall-offs either in small or notable sizes than been seeing ups as the case may be, still expected.
• The bulls may not sustain breaking-out of a $16 range trading line in the near time.

Binance Coin (BNB) Price Analysis

• Major supply zones: $20, $24, $28
• Major demand zones: $12, $8, $4

On May 10 and 11, BNB/USD market recorded some small drops below a long-range trading zone of $16 mark. Towards the end of the May 11th sessions, the crypto’s price strived to swing upward to no trade tightly around the range point until the present.

The $16 range trading line yet looks to remain the critical zone that bulls and bears will have to push around since there has been no clear volatile-move signal occurring in near trading time. Besides, there seem to be more price fall-offs either in small or notable sizes than been seeing ups as the case may be.

Binance Coin (BNB) Technical Indicators Reading

Currently, the 14-day SMA trading indicator has been tempting to make a cross over the 50-day SMA trend-line. And, they are both closely around a $16 range trading point. A formation of small-sized candlesticks continues to feature around the range area to depict that choppy price moves are in progress in the BNB/USD market operations. The Stochastic Oscillators are now around range 40, trying to close the hairs from the top. That may eventually suggest the possibility of seeing more lows in the market.

Conclusion

BNB/USD market bulls have used-up so much energy in making corrections against the trade-value point achieved on March 12 by bears when price pushed briefly past a low of $8 mark. And, yet, the bulls appear not having the capacity to sustain breaking out of a $16 range trading line they have faced over a couple of weeks.

 

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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