Binance Coin (BNB) Price Analysis – May 20
Since May 10, the Cardano markets have been revealed to be rising after a bearish move which dropped the market. In fact, the buyers are dominating the market at the moment. However, a significant price drop may lead the bears in a bearish zone. Currently, the token trades at $29 level.
Resistance levels: $30.4, $32
Support levels: $27, $24
Following a channel move, Binance Coin has maintained an upward movement for the past a week as the price remained within the trend lines. Now, ADA is gathering another higher high which is likely to visit the $30.5 resistance and above.
At this stage now, Cardano has been revealed to be following a positive move for the past weeks after establishing a fresh price level at around the $30.5, now the current resistance for the market. The positive move was reflected on the 4-hours RSI, now staying above.
Meanwhile, on the downward move, the next key support to watch out for is the $27 and $24 levels. By then, the RSI may fall below the 50 level. On the 4-hours Stochastic RSI, ADA market is weak due to exhausted selling pressure in the market. Nevertheless, BNB market appeared bullish on the 4-hour chart.
BInance Coin has been falling for the past four weeks of trading, carving a descending broadening wedge as price action continue to remain within the wedge boundaries. The sellers appeared to be gaining control of the market. However, the token is expected to break out soon.
Two days ago, ADA manages to break above the wedge resistance but the price fell back within the trend lines. In case of a bullish break, Cardano price my head for a close resistance at 0.004BTC and 0.0044BTC levels.
On the downsides, the possible support to watch out for is 0.0032BTC and below. The 4-hours Stochastic RSI is preparing for a bullish move as it currently lies at the oversold. The 4-hours RSI is positioned in bullish territory. With these signals, we can expect a significant bullish break.
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