Binance Coin (BNB) Price Analysis – June 19
The past few days have been an interesting moment for traders as BNB saw a price increase due to the recent bullish dominance. We may see more rise if the buyers continue to increase the demand. However, a bearish signal may drop the market to the nearest support.
Resistance levels: $37, $39
Support levels: $32, $30
Trailing the May 27 decline which lasted to $28.5 before the market constructed an ascending wedge pattern. We can now see that Binance Coin has experienced a positive climb that took the price to $36.5 (the yearly ATH) before falling to around the $30 at the lower wedge. After rebounding, BNB is now close to the previous high as it currently trades around the $35.3.
BNBUSD, 4H Chart – June 19
The bullish scenario can be revealed on the 4-hours MACD. A continuous climb could push the market to $37 and $39, testing the upper wedge. On the other hand, a bearish move could slump the market to the bottom of $32 and $30 supports. The actual picture is revealed on the 4-hours Stochastic RSI.
Binance Coin has been following a descending wedge for the past three weeks, and as we can see on the chart, the market rebounded at the $0.0035BTC, where the lower wedge lies. More so, the rise has been significant over the past two days. The trading is now targeting 0.0041BTC and 0.0044BTC resistance.
BNBBTC, 4H Chart – June 19
The positive move has taken the market to the overbought area on the Stochastic RSI, which is likely to retrace back to 0.0036BTC before a proper bull-run. However, breaking the support could further lead the market to 0.0034BTCsupports. As indicated on the MACD, the BNB token is trading below the zero level, now about to see a bullish cross which might confirm a bull-run.
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