Binance Coin keeps on performing splendidly as it gained yet another 10.5% over the past week, posting a high of $39.59 before falling. BNB has seen a small -2.13% price fall over the previous 24 hours of trading, bringing its current price to about $37.19.
Binance Coin remains the 7th largest cryptocurrency with a market cap of around $5.24 billion. It has been on an impressive bull run that has seen price action increase by a total of 134% over the past 3 months.
Looking at the BNB/USD 1-Day Chart:
- Since our previous BNB analysis, we can see that BNB has continued to climb higher against the USD to reach the resistance at the $38.53 level (provided by medium-term 1.618 Fib Extension). It was unable to close above this level and started to decrease. The cryptocurrency found support at $36.22 from where it bounced off.
- From above: The nearest level of resistance lies at the $38.53 level. Additional resistance stands at the ATH price at $39.59 and at the $40 level. If the bulls continue above $40, higher resistance lies at $42, $42.66, $44.04, and $45. Above $45, strong resistance is expected at the $46.20 level.
- From below: The nearest level of support now lies at $36.22. Beneath this, support is found at $36, $35, $34.20, $32.41, $31.20, and $30. If the selling continues below $30, more support lies at $28, $26.60 and $25.18.
- The trading volume still continues to remain consistently high.
- The Stochastic RSI has recently produced a bearish crossover signal in overbought conditions which suggest that the market was overextended. If the RSI can remain above 50 on the retrace, we can expect the bulls to continue to maintain the market momentum.
Looking at the BNB/BTC 1-Day Chart:
- Against Bitcoin, we can see that BNB has been struggling. It made its way up to the 0.004 BTC level but failed to overcome this resistance. The cryptocurrency pulled back below the 100 day EMA to reach support at 0.003419 BTC.
- From above: The nearest level of resistance now lies at 0.00355 BTC. Above this, resistance is found at 0.0036 BTC (100 day EMA), -.003580 BTC, 0.003780 BTC, 0.0038 BTC, and 0.0040 BTC. Above 0.004 BTC, higher resistance lies at 0.0042 BTC and 0.0044 BTC.
- From below: The nearest level of support is at 0.003419 BTC. Beneath this, additional support is found at 0.0033 BTC, 0.003188 BTC, 0.0030 BTC, and 0.002770 BTC.
- The trading volume has also remained relatively high during June 2019.
- The Stochastic RSI continues to trade in oversold conditions which indicates that the selling may be coming to an end. For a recovery above 0.004 BTC to be seen, we will need to see the RSI rise and break back above the 50 level.
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