Binance Coin (BNBUSD) Price Forecast: May 23
BNBUSD may likely turn upside soon as it is about to resume its bullish race. The cryptocurrency is trying hard not to fall heavily to the downside. Therefore, if the bulls could trigger their forces in the market, the price may likely increase further to retest the $352.2 supply value which might possibly extend to the $400.0 upper resistance level and beyond.
Key Levels:
Resistance Levels: $350.0, $360.0, $370.0
Support Levels: $309.0, $308.0, $307.0
BNB (USD) Long-term Trend: Bearish (Daily Chart)
The market value of BNBUSD can be seen in a bearish scenario in its long-term outlook. This is due to interference from sell traders. The coin price can be seen below the two EMAs, indicating a downward trend. However, this trend will soon be invalidated as the buy investors are warming up to take over the market.
The sustained pressure from the bears in the past few days at the $307.8 support level has contributed to its bearishness in its recent high price level.
Being affected by the widespread uncertainty in the crypto market, the Binance Coin price showed a slow yet steady recovery in the daily time frame chart. The coin price at the $311.3 resistance value below the two EMAs as the daily chart resumes today, indicates the return of bulls to stage a play in the market. Thus, it is very likely that the bulls will continue rising as we are seeing a bullish correction in place at present.
Similarly, the BNBUSD price may likely continue its journey up to the new resistance trend levels as indicated by the daily stochastic which is pointing upwards. This means that the selling pressure is exhausted, thus, the upcoming bullish correction phase might possibly break up the $352.2 previous high to hit the $400.0 supply value soon in its higher time frame.
BNB (USD) Medium-term Trend: Bullish (4H Chart)
The price of BNBUSD opened lower but managed to trade in green over the past few minutes. This means that the coin is in a bullish trend zone in its medium-term outlook.
The sustained bullish pressure at the $312.2 supply level during yesterday’s session actually made it capable for the buy investors to retain the strength in its recent high.
The coin price at the $311.3 supply value which is above the EMA-9 as the 4-hourly chart opens today indicates an uptrend and a more bullish impact on the coin. Thus, staying above the $310.3 value will make it capable for the coin price to rise further.
However, the market indicates an uptrend on the daily signal, and there is a possibility of a further increase in the price of Binance Coin, if the buy traders should increase their price actions and all the current support level holds, a psychologically key level of $400.0 at the upside might be reached soon in its medium-term time frame.
Buy Binance Coin on eToro
Leave a Reply