Binance Coin (BNB) Price Analysis – April 20
The performance of BNB in the last two days has positioned the trend in a bullish scenario as the cryptocurrency labeled a new price level. While trading at the highest condition, Binance Coin may reverse soon. Meanwhile, the bulls target $27; can they sustain pressure higher?
Resistance levels: $27, $30
Support levels: $22, $20
Today, Binance Coin has printed a new all-time high at $25.8; surpassing $20.6 high turned low. The value of the token was increased by 20% in just two days of trading. However, future trading would tell how far the bulls can sustain momentum. The next possible rally may hit $27 and $30 resistance levels.
As signaled on the 4-hours RSI, BNB price could drop to $22 support level before the next positive move in the overbought area. If the RSI breaks down the 70 and 50 levels, the next key level is 30. A further break at the 30 level may lead to a significant drop in BNB price; possibly to $15 or below.
Considering the upward direction of the 21-day moving average (yellow band) and the 50-day moving average (red band); the bulls are still in play.
While Bitcoin’s price skyrocketed earlier this month, Binance Coin witnessed a fall to 0.0034 BTC low before a bounce up which led to a new price level at 0.0048 BTC today; breaching a solid resistance turned support level at 0.0044 BTC.
The 21-day moving average (yellow band) revealed the early April fall; crossing down the 50-day moving average (red band). The yellow band now trends above the red band, reflecting the bullish reversal.
Following the bullish scenario on the 4-hours RSI, BNBBTC is now at the extreme overbought territory after retracing to the 50 level; indicating a potential decline. The 0.0044 BTC could provide a support level for that. However, the bullish rally may further create another price level at 0.005 BTC.
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