Binance BNB price analysis 11 May 2019; holding strong

Binance Coin (BNB) is signaling the reversal of the latest bearish momentum by following a remarkable twelve percent (12%) cost hike over yesterday’s trading hence bringing the up-to-date BNB cost to over twenty-one dollars ($21.80).

Binance has also publicized its succeeding Binance Launchpad token sale i.e. a Harmony Protocol. Harmony is a high speed, cost-effective and safe platform.

Any further particulars might be broadcasted in a few days but the instant reaction was a ten percent (10%) increase in the cost of BNB.

Binance Coin BNB price chart created with Trading View

BNB/USD duo has persistently fell hard, hitting support at a little below nineteen dollars ($18.81). The support is provided via short term downside 1.414 Fibonacci Extension level. The coin recovered after reaching this level and has reached above the twenty dollars level ($20) to its present trading.

From above: The closest opposition is at twenty-two USD ($22). Further at 24.40 and 25.18 dollar levels resistance might be experienced. After 25.18 dollars, the opposition is expected at 26 and 26.60 dollars.

From below: The closest support level is at 20.85 and 20 dollars. Supplementary support lies at 19.50 and 18.81 dollars.

However, if the suppliers break below 18.81 dollars, support is expected at 17.84 and 16.30 dollars containing the 100 days moving the average line.

An average trading volume has been experienced since the past few days but is currently high.

RSI indicators signal an extremely oversold area. A crossover above can prompt a positive correction.

Binance Coin BNB price chart created with Trading View

BNB has constantly been depreciating against BTC and has fallen below the support of the 100 days moving the average line. BNB/BTC persistently went below 0.0027 BTC support level.

The former mark provided opposition to the market a few months ago and is currently substituting as a robust support line.

From above: Primary opposition is at 0.00318 and 0.003420 BTC levels. It will be further strengthened by the 100 days moving the average line.

Additional resistance is expected at 0.0035 and 0.00368 BTC levels. Supplementary momentous opposition above 0.0038 BTC is expected at 0.004 and 0.0042 BTCs.

From below: currently, Initial support is at 00.0031 and 0.0030 BTC zone. Below the 0.003 BTC, 0.002769, 0.0027 and 0.0026 BTC levels lay.

The RSI indicators indicate priming to yield a crossover above sign in exceptionally oversold territory, which propose an approach by bullish correction.

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