Binance Coin (BNB) Price Analysis (May 2)

Key Highlights

• BNB/USD market still persistently keeps a series of lower highs.
• The bears may not be able to push freely past a demand line at $12.
• BNB/USD price value at $18 could be a good investing point for long-term investors.

Binance Coin (BNB) Price Analysis

• Major supply zones: $24, $28, $32
• Major demand zones: $12, $8, $4

The crypto made moved weakly towards a high line at $20 between April 29 and May 1 trading days. Notably, BNB/USD trading signals so far have to be very dull and creating uncertain trading outlook.

If there is anything to note from the current trading cycle, it would be that the bulls will be so inactive pushing north-east to witness long continual progress of variant lower highs through some supply zones. However, on the downside of the market, the bears may not be able to push freely past a demand line at $12.

Binance Coin (BNB) Technical Indicators Reading

The 14-day SMA trading indicator is over the 50-day SMA trend-line. And, the market values are tightly hovering along with the smaller SMA. That showcases that there is yet an ongoing range of price movements in the BNB/USD market operations. The Stochastic Oscillators are moving in a consolidation style around ranges of 80 and 60. That equally affirms that a serious sideway trading condition is featuring currently in the crypto-trade. Therefore, that calls for staying away for a while as regards placing an order.

Conclusion

During an uncertain market trading situation as it witnessed in BNB/USD trade operations, it is highly advisable to stay away from exerting a trading position. On the contrary, long-term investors may consider joining around $18 value. Traders need to be on the lookout for active price action before determining a trade decision.

 

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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Ben Jordan
Ben Jordan
Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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