Binance Coin (BNB) Price Analysis (May 9)


Key Highlights

• BNB/USD market operations still witness the dominance of range price moves.
• There may still no sign of making a further upswing in the market in the near time.
• All in all, bulls still somewhat in control of the range market moves.

Binance Coin (BNB) Price Analysis

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

BNB/USD yet continually witnesses a dominance of range-moving price in the same trading zone it keeps over a couple of weeks’ sessions. $16 market-value has been the range point of the crypto-market operations.

On April 29, bulls faintly managed to push up the market line tightly over the range trading line, but, until now, there hasn’t been any increase in their muscles to make a further upswing in the market.

Binance Coin (BNB) Technical Indicators Reading

The 50-day SMA indicator is underneath the 14-day SMA trading indicator. And, both briefly point towards the north direction to signify that the path of the crypto-market is still most likely to the upside move. The Stochastic Oscillators have moved slantingly across ranges of 80 and 40. They have now briefly crossed the hairs at range 40 to point towards the north. That suggests that bulls are seemingly getting ready to swing the market up.

Conclusion

All the trading indicators are still somewhat giving it that BNB/USD buyers are most likely to continue to gain the market’s advantage over bears’ current weak forces. As in the past, some of the presumed upswings will be featuring in a continual rallying move. Therefore, the crypto-market may still lack tangible price action required for a reliable uptrend move.

 

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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