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Binance Coin Price Prediction for Today, May 8: BNB/USD Price Hits $349 Support

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Binance Price Prediction
Binance Price Prediction

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The Binance Coin price prediction is currently facing a serious decline in the value of 2.22% after being rejected at a $366 resistance level.

BNB/USD Market

Key Levels:

Resistance levels: $420, $440, $460

Support levels: $300, $280, $260

Binance Price Prediction
BNBUSD – Daily Chart

BNB/USD is now moving towards the south as the price failed to break above the 9-day and 21-day moving averages. Looking at the daily chart, Binance Coin (BNB) shows that the price is still moving within the channel, though the price may need to retreat a little bit before heading to the upside.

Binance Coin Price Prediction: Binance Coin Price May Break into the Oversold

The Binance Coin price remains below the 9-day and 21-day moving averages, therefore, should buyers manage to power the market; they may likely find resistance levels of $420, $440, and $460. Nevertheless, bulls need to hold the current level of $357 to begin an upward movement.

On the contrary, if the market experience more drops, it could hit the nearest support at $350 and a further drop below the lower boundary of the channel could pull the market to the support levels of $300, $280, and $260 respectively. Therefore, the technical indicator Relative Strength Index (14) is crossing below the 40-level, indicating more bearish signals in the nearest term.

BNB/BTC Market: Binance Coin Price Heads to the Upside

Looking at the daily chart, BNB/BTC is moving to the upside as the price moves to cross above the channel. Moreover, Binance Coin bears are likely to drag the price below the 9-day and 21-day moving averages, any further bearish movement could take the coin to the support level of 9800 SAT and below.

BNBBTC – Daily Chart

Looking at the technical indicator, the Relative Strength Index (14) on the daily chart, it appears that bears are likely to put pressure on the bulls as the signal prepares to cross below the 60-level. In other words, if the bulls can regroup and halt the downward movement, the Binance Coin price may begin an uptrend and cross above the upper boundary of the channel to reach the resistance level of 9800 SAT and above.

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